Large GCC investments flow into the UAE markets, Saudi investments tops at 44.1%

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This, according to Sheik Abdullah bin Fahid Al Shakrah, Al Hanoo Chairman, can be attributed to the role of the UAE in strengthening work ties between GCC countries, and for creating a safe haven for investments.

Says Al Shakrah:

'Although all economic sectors in Saudi Arabia are expanding vastly, with numerous job opportunities and facilities, the UAE's economy is renowned for its competitiveness, intriguing investment opportunities, and transparent, solid legislations, which have the power to protect investments, as well as to nullify any challenges that would emerge.'

'We believe that investments from other GCC countries flow freely into the UAE market because of the country's reputation as facilitator in establishing business bonds. The UAE's success in this matter can be clearly seen in the fact that the number of GCC investors has risen fourfold in the past 10 years. Furthermore, while the number of GCC investors in the UAE in 2007 stood at 3559, this number has since risen to 11083, resulting in a superb annual growth rate of 21.1%. This serves as proof that the UAE economy is full of opportunities and support for GCC countries,' he added.

According to a report on investments during 2007, issued by the Ministry of Finance, the largest number of Saudi investors, 4010 in total, was concentrated in the commerce sector, and was followed by 655 investors in the occupational sector, the industrial sector, as well as other sectors such as medicine, legal practice, insurance and transport.

Kuwaiti investors came in second at 2233; half of these were concentrated in the commerce sector, followed by 1455 investors in the occupational and industrial sectors, among others.

Kuwaitis, according to the report, also account for the largest number of property ownership in the UAE (1603), followed by the Saudis (1357).

Other statistics put Qatar investors third, with Bahrain and Oman having the least number of investors among the GCC countries.

Al Hanoo's suite garnered a lot of attention during day 2 of the 2nd Sharjah International Investment and Real Estate Exhibition, ACRES 2008, which is underway at the Sharjah Expo Center.

Numerous developers, experts, real estate enthusiasts and VIP's were seen visiting the company's stand, where Al Hanoo's Emirates Industrial City project is being showcased.

With infrastructure works for the project completed earlier this year, the focus is now on Warehouses City, which is currently under development.