GCC turns its focus to UAE investments
GCC investors have shown increasing interest in the UAE, the second biggest Arab economy, purchasing 32 percent more properties in 2011 than in 2010.
The Ministry of Finance's annual statistical report on the Gulf Common Market 2011, shows UAE as the hub of trade, commerce and investments.
The report revealed that a total of 44,902 property contracts were registered in 2011 compared to 34,029 contracts in 2010, a healthy trend reinforcing their trust in the UAE's economic resilience. It also presented an increase in the number of traded and registered properties by them, where the number of registered contracts increased from 4,604 contracts in 2010 to 10,873 in 2011, showing confidence in UAE's real estate market.
The report issued by the Ministry of Finance pointed out that the number of licenses granted to the citizens from the oil rich region to do business has recorded a boost of 10.2 per cent to 28,909 licenses in 2011.
Share investors from the region are also taking more interest in the stock markets of the country as number show a 1.7 per cent surge in the number of investors to 212,020 in 2011 over 208,316 investors in 2010.
The report presented an increase in the total number of GCC nationals who are covered in the social insurance within the UAE that amounted to 5,242 employees in 2011 comparing to 4,190 employees in 2010.
The number of GCC employees in the private sector increased four per cent to 3,031 employees in 2011. With regards to the educational sector, MoF's report has included a survey of the numbers of students from the GCC in various educational stages. The number of students enrolled in public schools in the UAE increased t three per cent 5,044 in 2011 compared to 4,891 students in 2010," the report said.