GCC nationals snap up UAE properties

Residents of Kuwait, Qatar and Saudi are buying properties in the UAE, according to a report.

The UAE was the top destination for GCC nationals to buy property in 2011, a report has revealed.

Published by the General Secretariat of the Gulf Cooperation Council of Arab States, the report found that 10,873 properties were bought, an increase of more than 5 per cent from the previous year.

Oman followed in second place, followed by Kuwait, Qatar and finally Saudi Arabia, the state news agency Wam reported yesterday.

The report said that Kuwaitis owned the greatest number of properties with 8,130, Saudis followed with 2,312 and Emiratis came third with 2,267. Qatar, Bahrain and Oman followed.

The UAE saw the highest increase in the number of licences granted to GCC citizens to practice economic activities for the year.

At 28,909, the figure is said to make up 84 per cent of the licences granted in GCC countries.

Movement between GCC countries increased significantly with 5.4 million citizens in 1995 to more than 13 million people in 2011.

The UAE and Kuwait ranked joint first in attracting branches of commercial Gulf banks - each with seven.

GCC-wide findings showed that bilateral trade in the region jumped from US$6 billion in 1984 to more than US$85 billion in 2011.