UAE’s regular participation in this forum marks its commitment to promoting economic integration among countries and is in accordance with the UAE’s intent to strengthen financial ties with global financial and economic institutions, aimed at supporting investment and
economic development, Finance and Currency Department of the Gulf
Cooperation Council said in a statement.
UAE has implemented 11 out of 14 resolutions related to economic, financial and trade fields. These include the GCC Common Trademarks Law, the law allowing GCC natural and legal citizens to participate in all economic activities and professions without limitation; adoption of the process organising GCC nationals’ acquisition of real estates in member states for housing and investment purposes; application of full equality of treatment between nationals of the GCC countries to own and trade stocks; establishing companies and allowing GCC nationals to be engaged in reviewing services in
governmental departments.
Obaid Humaid Al Tayer, Minister of State for Financial Affairs, led a high level UAE delegation compromising of Sultan Nasser Al Suwaidi, Governor of the UAE Central Bank, to participate in the 82nd meeting of the Committee on Financial and Economic Cooperation, and the meeting of Arab governors with the Director General of IMF, being held in Mascat, Oman last week.
The UAE is fully committed to activating the integration of GCC economies, as it believes in the importance of joint action in achieving goals and interests of the GCC Charter. The country is continuously making efforts to support GCC joint projects, in addition to its expansion and diversification, in a way that serves the economies of
all member states.
As per statistics on implementation of resolutions of the Supreme Economic Council concerning GCC Common Market, the UAE occupies first position among member states granting licenses for economic and financial activities to GCC nationals. The total number of licenses given by the UAE reached 11,083, followed by Kuwait with 2,628 licenses.
The value of loans granted to GCC nationals to establish industrial projects in the UAE reached US$ 18.11 million. Up to 2007, four commercial GCC banks were allowed to open branches in different Emirates to start operations. —
business@khaleejtimes.com
