Trade between UAE, GCC worth Dhs229bn in 2019

Trade between the UAE and GCC states amounted to around Dhs229bn in 2019, a 4 per cent growth on 2018, according to Younis Haji Al Khouri, under-secretary of the Ministry of Finance (MoF).

The GCC citizens’ investments in UAE joint stock companies hit Dhs41.453bn in 2019, an 11 per cent increase over the previous year, while real estate transactions conducted by GCC investors amounted to around Dhs1.294bn, Al Khouri said in a statement to official news agency WAM.

Al Khouri explained that the number of GCC citizens owning properties in the UAE increased 10 per cent to 48,535 in 2019, as compared to 2018, while the number of business licences awarded to GCC investors totalled 29,352, a growth of 9 per cent. Meanwhile, the number of GCC shareholders in joint stock companies grew to 204,032 in 2019.

The GCC citizens working in the UAE government sector until 2019 totaled 1,826, a 3 per cent growth compared to 2018, while those working in the private sector amounted to 7,332 in 2019, a 16 per cent increase on 2018.

A total of 9,426 GCC citizens are currently benefitting from pensions in the UAE, while those receiving social insurance benefits reached 5,478. Saudi Arabia is the UAE’s top trading partner, with a total of Dhs113.2bn in trade in 2019, followed by Oman at Dhs48bn, Al Khouri noted.

Saudi Arabia and three other Arab states agreed to fully restore ties with neighbouring Qatar during the 41st GCC Summit in early 2021.

Read: Gulf Arab states agree to restore Qatar ties, end three-year rift

In the wake of the agreement, the UAE reopened all land, sea and air ports with Qatar for inbound and outbound movement starting January 9.

Read more: UAE reopens air, land and sea borders with Qatar

Saudi Arabia also resumed flights to Qatar after the agreement.

Read: Saudi to resume flights to Qatar after restoration of ties