GCC nationals grow UAE business interests

GCC INFLUENCE: More Gulf-based nationals are making money in the UAE. (Getty Images)

More and more nationals from the Gulf Cooperation Council (GCC) are running businesses in the UAE, latest statistics show.

And the growth is expected to continue after the implementation of the common market this year, UAE daily Gulf News reported on Tuesday from a report by the Ministry of Finance.

The total number of GCC nationals having businesses in the UAE have increased by more than 211 percent from 3,559 in 1997 to 11,083 by the end of 2007, with an average annual growth rate exceeding 20 percent.

Saudi nationals account for 44.17 percent of that number as 4,895 Saudis are running a business or working in the country, while Qataris are the least in the ranking, accounting only for 6.26 percent (694 individuals).

The majority of the GCC nationals are engaged in the commercial and trading sectors which absorb 77.8 percent of the total.

The number of GCC nationals owning land and property in the UAE has also increased remarkably by 168.2 percent, according to the report.

Kuwaitis dominate among GCC land and property owners in the country, as 7,703 Kuwaitis account for more than 65 percent of the total.

The number of land plots owned by GCC nationals increased from 6,638 plots in 2005 to 9,049 plots by the end of last year.

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