162,000 Gulf Beneficiaries of Real Estate Ownership Decisions in Cooperation Countries

Jassim Mohammed Al-Budaiwi, the Secretary-General of the Gulf Cooperation Council (GCC), clarified that the Financial and Economic Cooperation Committee of the GCC countries is exploring all avenues to enhance financial and economic cooperation among the GCC states. This came during the 109th meeting of the Financial and Economic Cooperation Committee of the Ministers of Finance and Economy of the GCC countries, held in the Omani capital, Muscat. The meeting was chaired by Sultan bin Salem Al Habsi, the Omani Minister of Finance, who is also the current president of the committee. The meeting was attended by finance and economy ministers from the GCC countries, with Mohammed bin Abdullah Al-Jadaan, the Saudi Minister of Finance, heading the delegation of the Kingdom.

He said, “Joint Gulf efforts have achieved significant economic accomplishments in the past period, reflecting on Gulf citizens. The total intra-GCC trade has increased to about $105 billion in 2021.” The number of citizens moving between GCC countries reached seven million, with over 60,000 licenses granted to GCC citizens engaging in economic activities in other GCC countries. The total number of beneficiaries of property ownership decisions reached approximately 162,000 cases.

In the stock trading sector, the number of contributors from GCC citizens in joint-stock companies in other GCC countries amounted to 431,000 contributors in 682 joint-stock companies with a capital of $376 billion.