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Kuwaitis top property ownership in GCC countries Commerce Minister Al-Saleh discusses economic, trade cooperation in Bali

RIYADH, Dec 5, (KUNA): Up to 8,651 Kuwaiti citizens own 50 percent of properties belong to nationals in the six Gulf Cooperation Council (GCC) countries, showed statistics released by the GCC Secretariat on Thursday.The United Arab Emirates (UAE) was the first destination for GCC nationals to buy properties in 2012, or 71.9 percent of overall property ownership, said the statistics.
Oman came second with 3,374 properties or 20.6 percent, followed by Bahrain with 544 real estate properties, or 3.3 percent. Saudi Arabia, Qatar and Kuwait followed with 2.1, 1.2 and 0.8 percent respectively.
The Saudi nationals came next to the Kuwaitis in term of property ownership with 2,366 people. They are followed by UAE citizens with 1,786 people, then Qatar with 1,279 people, Bahrain with 1,179 people and finally Oman with 1,086 people.
Allowing GCC citizens to buy properties in other member countries is part of the 10 criteria of the common Gulf market that were set by the economic agreement of 2001, which stipulates that Gulf citizens are treated equally in all member countries.
The six GCC countries are keen on full economic integration and have adopted many measures in that direction, for example the common market, facilitation of transfer of goods, people and unification of the custom tariffs at borders.

Kuwait’s Minister of Commerce and Industry Anas Al-Saleh discussed Thursday with Canadian, Turkish, Sri Lankan and Swaziland counterparts ways to strengthen bilateral economic and trade relations with Kuwait. The meeting was held on the sideline of the 9th World Trade Organization Ministerial Conference in Bali, Indonesia, focusing on issues concerning the development of bilateral trade and cooperation in the investment sector, as well as the exchange of investment opportunities between Kuwait and those countries.
The 9th World Trade Organization Ministerial Conference hosted by Bali, Indonesia, includes the participation 159 trade ministers of member countries, scheduled to concluded on Dec 6.

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