Economic, investment and services activity within the GCC expanded by the end of 2024, according to the Gulf Common Market – Facts and Figures publication issued by the GCC Statistical Centre (GCC-Stat).

The number of public joint-stock companies, whose shares are permitted to be traded by GCC citizens, rose to 748, up 30.3% over the previous year.

The total capital of these companies reached $549 billion, while the number of shareholders stood at 246,600 in 2024. GCC-Stat said the figures reflect the application of the non-discrimination principle, enabling GCC citizens to trade and buy shares and establish companies across GCC capital markets, deepening financial markets and strengthening links among them.

GCC-Stat pointed out that allowing GCC citizens to invest, set up projects and conduct commercial activities in any member state has increased the Gulf Common Market’s attractiveness for intra-GCC investment. As a result, Intra-GCC trade reached $146 billion in 2024, and 30 GCC commercial banks are licensed to operate across member states, it added.

Launched in 2007, the Gulf Common Market is a central pillar of GCC economic integration, following the establishment of the free trade area and customs union and laying the groundwork for monetary union and broader economic unity.

The Gulf Common Market decisions have enabled GCC citizens to own real estate in other member states under unified regulatory frameworks, alongside the free movement of capital, supporting real estate and financial investment and strengthening financial integration. 

The number of licences granted to GCC citizens to practise economic activities in other member states reached 96,300 in 2024, the report said.

Real estate ownership cases by GCC citizens in other member states reached 17,900 in 2024, it added.-TradeArabia News Service