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Oman remains UAE’s second largest trading partner in GCC

15 Mar 2021

Oman is the second largest trading partner of the UAE in the GCC region with bilateral trade exchange between the two neighbouring countries amounted to AED48bn in 2019, according to the UAE’s Ministry of Finance.

Saudi Arabia is the UAE’s top trading partner with AED113.2bn bilateral trade exchange in 2019 followed by Oman (which accounts for 22 per cent of the UAE’s total trade exchange with GCC states), YounisHaji al Khouri, Undersecretary of the UAE’s Ministry of Finance, said, underlining the paramount importance the UAE is attaching to meeting the requirements of GCC economic integration and a Gulf Common Market.

According to Khouri, the trade exchanges between the UAE and GCC states amounted to around AED229bn in 2019, recording a growth of 4 per cent compared to the previous year. In his statement to the Emirates News Agency (WAM), Khouri noted that the cooperation with GCC partners lies at the heart of UAE’s economic priorities. He added that the GCC citizens’ investments in the UAE joint stock companies hit AED41.45bn in 2019, an 11 per cent increase over the previous year, while the real estate transactions conducted by GCC investors amounted to around AED1.29bn. 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. 

The number of business licences awarded to GCC investors totalled at 29,352, a growth of 9 per cent, and the number of GCC shareholders in joint stock companies grew to 204,032 in 2019.

He pointed out that the number of GCC citizens working in the UAE government sector until 2019 stood at 1,826, a 3 per cent growth compared to 2018; while those working in the private sector amounted to 7,332 in 2019.

 

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