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Kuwait ranked 1st in attracting GCC banks

RIYADH, Dec 8, (KUNA): Kuwait ranked first in attracting branches of Gulf commercial banks with eight branches, followed by the UAE and Saudi Arabia, with six branches each, three branches in Bahrain and two branches in Oman and Qatar.

The General Secretariat of the Gulf Cooperation Council said in a report released on Tuesday on the occasion of the 36th GCC summit due here today and Thursday that the last 10 years have seen an increase in the field of taking advantage of the GCC’s decision to allow commercial banks to open branches in other Member States where the number rose from 14 branches in 2005 to 27 branches in 2014.

The report said the commercial banks of the United Arab Emirates are the most prevalent in the other GCC countries, with eight branches, followed by Bahrain with six, Qatar and Kuwait with four branches each in other GCC countries.

It pointed to the rising number of beneficiaries of the decisions taken by the Supreme Council since 1982 which allowed citizens of member countries to operate a number of economic activities in other GCC countries.

The report said that the council also allowed GCC citizens to operate retail and wholesale trades in all Member States and permitted operation of all economic activities and professions with the exception of 17 which gradually were reduced to four including Hajj and Umrah services, foreign labor recruitment offices, establishment of newspapers, magazines, printing, publishing and commercial agencies.

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