(MENAFN- Mid-East Info)

• Driving deeper financial and economic integration with GCC partners

• Advancing towards a unified Customs Union through technical coordination and practical solutions

• AED 333 billion in total trade between the UAE and GCC countries recorded in 2024

H.E. Younis Haji Alkhoori: We are committed to creating an integrated economic and financial environment that supports competitiveness and sustainable growth in the region

The Ministry of Finance (MoF) is accelerating its efforts to strengthen financial and economic integration with the GCC countries through a series of initiatives and projects aimed at advancing sustainable growth and reinforcing the resilience of the region's common market.

From fast-tracking the digital transformation of the GCC market to fulfilling Customs Union requirements and developing new frameworks for cross-border cooperation in line with rapid economic and technological changes, the Ministry seeks to achieve targets that support economic expansion and reinforce the resilience of the GCC common market.

Over the past three years, these efforts have delivered measurable progress in strengthening integration and expanding opportunities across the Gulf.

Strategic initiatives:

H.E. Younis Haji AlKhoori, Undersecretary of the Ministry of Finance, said that the Ministry is committed to promoting the UAE's financial and economic integration with GCC countries through strategic initiatives across the region.

These initiatives, he said, are designed to achieve the shared priorities of member states, including the completion of Customs Union requirements and the full implementation of the GCC common market.

“We are working to create an integrated economic environment that fosters competitiveness, sustainable growth, and economic diversification across the region,” AlKhoori said.

He noted that recent gains in trade exchange and customs procedures highlight tangible progress toward deeper regional integration, which, he added,“delivers broad benefits to all member states while strengthening their financial and economic stability.”

GCC Common Market:

Reaffirming the UAE's commitment to enhancing financial and economic integration within the Gulf Cooperation Council, the Ministry of Finance has stepped up its role in shaping the GCC common market, a framework designed to guarantee equal treatment for citizens and businesses across all member states and economic sectors.

The Ministry continues to participate actively in the GCC Common Market Committee, working alongside its regional counterparts to draft proposals and take decisions that move the bloc closer to a fully integrated market.

At the 123rd meeting of the GCC Financial and Economic Cooperation Committee, held on June 1, 2025, finance ministers directed the committee to review the list of professions and economic activities in order to reduce restrictions on those not yet open to GCC citizens. The goal is to create a unified list aligned with resolutions of the GCC Supreme Council and the Financial and Economic Cooperation Committee.

The GCC common market is not only an instrument of integration but also a strategic platform for reinforcing regional stability and growth , helping member states navigate an era of accelerating global economic transformations.

Customs Union:

In line with the resolution of the GCC Supreme Council's 42nd session, which mandated the Financial and Economic Cooperation Committee to accelerate completion of the Customs Union and advance the implementation of common market tracks by the end of 2024, the UAE has continued to work with fellow member states to move the process forward.

As part of this effort, technical meetings have been held to address outstanding challenges and propose practical mechanisms for resolution.

At its 119th meeting in May 2023, the Financial and Economic Cooperation Committee instructed the GCC Customs Union Authority to update the timeline for completing Customs Union requirements, ensuring alignment between the remaining steps, proposed solutions, and the executive action plan derived from the study on developing GCC customs ports.

Subsequently, at its 120th meeting in October 2024, the committee approved the executive plan to finalise the Customs Union and endorsed the agreed-upon solutions, covering 17 out of 20 proposed measures.

Results and statistics:

The UAE has delivered tangible and positive outcomes in strengthening financial and economic integration with GCC countries.

The total trade volume between the UAE and GCC nations in 2024 reached AED 333 billion.

The country's imports in 2024 totalled AED 84.5 billion, while non-oil exports from the UAE to the GCC reached approximately AED 85.6 billion. Re-exports amounted to AED 162.9 billion in the same year.

GCC Common Market: facts and figures:

With regard to the GCC Common Market, data released by the GCC Statistical Center for 2023 highlighted the UAE's leading position across multiple fields. The UAE recorded 11.8 million entries by GCC citizens, representing 32.3 percent of all cross-border entries within the bloc - the highest share among member states.

The UAE also ranked first in social protection, with 7,200 GCC citizens enrolled in the country's pension and social insurance systems, accounting for 29.1 percent of all GCC citizens covered under such schemes across the region.

In the field of economic activity, the UAE led with 36,800 licences issued to GCC citizens in 2023, representing 31.2 percent of the total licences granted to GCC nationals within member states, reaffirming the UAE's position as the region's most dynamic business hub.

In real estate, the UAE was at the forefront, with 52,200 property ownership cases by GCC citizens in 2023, equivalent to 31.4 percent of the total cases of property ownership by GCC citizens across member states.

On the education front, the UAE ranked first in the number of GCC students enrolled in public higher education institutions during the 2022–2023 academic year, hosting 7,500 students, or 51.9 percent of all GCC nationals pursuing higher education within the region.

Similarly, the UAE topped the statistics for GCC citizens benefiting from government healthcare services in 2023, with 72,200 beneficiaries, accounting for 35 percent of the total number of GCC citizens accessing healthcare services across member states.

Collectively, these indicators and achievements underscore the UAE's sustained efforts to enhance cooperation and deepen financial and economic integration across the GCC. They reflect the country's long-term commitment to advancing a comprehensive and sustainable economic vision that fosters growth, resilience, and shared prosperity for the region.

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