The Ministry of Finance organizes the second dialogue with senior officials in Emirati companies operating in the Gulf countries

DUBAI, 29 JANUARY / WAM / The Ministry of Finance organized the second dialogue with senior officials of Emirati companies operating in the Gulf Cooperation Council countries, entitled: “Enhancing Gulf economic integration within the framework of the Gulf Common Market: Opportunities and challenges for Emirati companies operating in the Gulf Cooperation Council countries,” as part of its ongoing efforts to strengthen partnership with the private sector and support Gulf economic integration.

The dialogue comes as an extension of the first dialogue organized in September 2024, with the aim of consolidating communication channels with representatives of the private sector in the UAE, and listening to their views and proposals directly about the most prominent challenges and opportunities in the Gulf markets.

The event was attended by His Excellency Younis Haji Al Khouri, Undersecretary of the Ministry of Finance, His Excellency Khaled Al Sunaidi, Assistant Secretary-General for Economic and Development Affairs at the General Secretariat of the Gulf Cooperation Council, His Excellency Humaid Mohammed bin Salem, Secretary-General of the Federation of Emirates Chambers of Commerce and Industry, and Kuralai Kirabaeva, the senior economist at the International Monetary Fund, along with a number of officials in government agencies in the country, a number of directors of chambers of commerce and industry in the country, and representatives of Emirati companies operating in the GCC countries.

Al-Khouri stressed, in his opening speech, that organizing the second dialogue with senior officials in Emirati companies operating in the Gulf Cooperation Council countries comes within the framework of the Ministry of Finance’s commitment to strengthening bridges of communication and integration with the private sector, which is an essential partner in advancing development and enhancing the UAE’s competitiveness in the Gulf markets. He explained that the dialogue is an effective platform for exchanging opinions and putting forward practical initiatives that support joint Gulf efforts and contribute to accelerating the implementation of the goals of the common Gulf market, in a way that enhances the process of economic integration and achieves a balance between regulatory frameworks and requirements. Private sector.

He pointed out that the Ministry of Finance, under the guidance of the wise leadership, continues to develop the tools of Gulf economic cooperation, and believes in the importance of partnership between the government and private sectors in achieving our future aspirations, pointing out that this type of dialogue enhances transparency and supports making decisions based on the reality of the market and the needs of Emirati investors in the GCC countries.

He added: We at the Ministry of Finance are keen to listen to the proposals of national companies operating in the various markets of the Gulf Cooperation Council countries, work to monitor the challenges they face on the ground, and discuss the best ways to enable them to continue growth and expansion, through an economic and legislative environment that is supportive and stimulating to innovation and investment.

He explained that the dialogue meetings organized by the Ministry with the private sector are based on a sectoral approach that focuses in each meeting on specific sectors. In the first meeting, issues related to the travel sector and the banking sector were discussed, while the current meeting was devoted to discussing sectors related to the industry, in addition to some related service activities.

For his part, His Excellency Ahmed Jassim Al Zaabi, Chairman of the Board of Directors of the Emirates Chambers of Commerce and Industry, said that organizing the second dialogue for senior officials of Emirati companies operating in the Gulf Cooperation Council countries comes within the framework of the strategic partnership between the Ministry of Finance and the Federation of Emirates Chambers, and within the joint efforts aimed at empowering the Emirati private sector and enhancing its contribution to supporting and integrating the common Gulf market.

His Excellency explained that the topics of the dialogue focus on discussing the regulations and policies that support the practice of economic, commercial and investment activities in the GCC countries, and examining ways to develop them to keep pace with the requirements of the current stage and enhance the flow of business and equal opportunities for Emirati companies.

He added that the dialogue also aims to empower and enhance the role of the private sector in the Gulf market, and activate its various fields, in a way that contributes to confronting the challenges facing the work of companies, benefiting from available opportunities, and supporting their expansion and regional growth, stressing that the private sector is a major partner in achieving sustainable economic development and enhancing the competitiveness of Gulf economies.

For his part, His Excellency Ali Abdullah Sharafi, Assistant Undersecretary for International Financial Relations, said that the meeting held today with Emirati and Gulf companies operating in the Gulf Cooperation Council countries comes within the framework of the Ministry of Finance adopting a sustainable approach to support Emirati and Gulf private sector companies, and enhancing their role in the economies of the GCC countries, explaining that this meeting is the second dialogue with major Gulf and Emirati companies that are active within the common Gulf market system.

He stated that the current dialogue witnessed the presentation of a number of results reached during the last period, which included indicators related to the real estate market, real estate ownership, commercial licenses, and others.

He explained that comparisons of all indicators show a remarkable growth in the activity of Gulf companies within the GCC markets after the establishment of the common Gulf market in 2008.

The dialogue aimed to support and enhance the process of Gulf economic integration within the framework of the Gulf common market, discuss the practical challenges facing Emirati companies operating in the GCC countries, review policies and regulations that support the practice of economic and investment activities in those markets, in addition to listening to the views of the private sector, proposing applicable solutions that contribute to overcoming the challenges, and coming up with practical recommendations that support the decision maker and enhance the Gulf economic environment.

The dialogue began with the presentation of an introductory video that reviewed the most prominent economic achievements achieved by the GCC countries, and the pivotal role of Emirati companies in supporting the integration process. The event’s agenda included the presentation of a working paper from the Ministry of Finance that reviewed the outcomes of the first dialogue and the progress achieved in following up on its recommendations, followed by a working paper from the General Secretariat of the Gulf Cooperation Council on regulations and policies supporting the practice of economic and investment activities in the markets of the GCC countries, then a working paper from the International Monetary Fund that addressed the role of the private sector in strengthening the common Gulf market.

The event also witnessed a session in which the floor was opened for discussion and listening to the views of the participating Emirati companies regarding facilitating the practice of economic activities and mechanisms for enhancing cooperation and joint investment, in addition to their proposals regarding enabling the common Gulf market and activating its areas.

During the dialogue sessions, the speakers stressed the importance of strengthening the partnership between the government and private sectors, as it is a basic pillar for supporting the integration of Gulf markets and enabling the private sector to play its development role.

The UAE emphasizes supporting the efforts of the Gulf common market and actively contributing to its development, based on its belief in the importance of involving national companies in formulating Gulf economic policies and achieving a competitive and sustainable business environment for the GCC countries.

The attendees also discussed the importance of institutional dialogue as a strategic tool for improving the Gulf economic environment, through exchanging experiences, and presenting ideas and initiatives that serve the common Gulf market and contribute to the sustainability of economic growth in the GCC countries.

It is noteworthy that the GCC countries have made great progress in facilitating the movement of citizens, as the number of people who moved within the region exceeded 41.4 million citizens, with a growth rate of 188.5% compared to 2007, and the number of licenses granted to Gulf citizens to practice commercial activities increased to 96.3 thousand licenses, an increase of 558.8% compared to 2007, and the number of cases of GCC citizens owning real estate in member states exceeded 17.9 thousand. Case, with a growth rate of 162.1% compared to 2007, and the number of public joint stock companies whose shares are allowed to be traded by citizens of the GCC countries reached 748 companies, with a growth rate of 3.3%.

The percentage of Gulf students enrolled in public education in member states increased to 10.8%, while higher education witnessed growth of more than 364%, and the number of beneficiaries of government health services increased by 17.4%.

The Gulf countries have 25 major ports that are pivotal gateways to global trade, and the Gulf commercial fleet constitutes 54.2% of the Arab maritime fleet.

The GCC countries are among the 35 largest global maritime fleets, according to the UNCTAD classifications for the year 2024. With the strength of Gulf economic indicators, with more than $2.1 trillion in gross domestic product, $1.5 trillion in merchandise trade, and $4.4 trillion in sovereign wealth fund assets, the GCC countries are moving towards Gulf economic unity to create a sustainable economic future for their children.

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