Gulf Investors Buoy UAE Real Estate Sector In 2011
The GCC investors have shown increasing interest in the various economic sectors of the UAE, the second biggest Arab economy, as they purchased 32 per cent more properties in 2011 to reflect their confidence.
This is in line with its continuous efforts to strengthen and deepen financial and economic cooperation between the countries of the Cooperation Council for the Arab States of the Gulf.
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.
Obaid Humaid Al Tayer, Minister of State for Financial Affairs, in his comments emphasised nation’s determination to continue applying and activating plans of Gulf Common Market, or GCM, aiming to providing all the possible facilities that support them in their economic pursuits in the second biggest Arab economy.
Al Tayer said the UAE is implementing various resolutions related to the GCM allowing equal opportunities to them in all areas of economic life.
“The UAE has managed to provide many economic and investment opportunities to GCC nationals in 2011, which has helped to attract more to invest in various economic, educational and social sectors. This has enhanced the UAE’s competitiveness across the gulf region,” he added.
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 UAE played a prominent role towards the implementation of all resolutions relevant to the GCM, which was highlighted in the report through the remarkable increase in the number of GCC employees in the public sector in the UAE with a rate of 22 per cent, where the number of workers increased from 789 employees in 2010 to reach to 963 employees in 2011.
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.
Khaleej Times
