MUSCAT – Economic, investment and services activity across the GCC picked up by the end of 2024, according to the Gulf Common Market – Facts and Figures report released by the GCC Statistical Centre (GCC-Stat).
The number of public joint-stock companies whose shares can be traded by GCC citizens rose to 748, marking a 30.3% increase from 2023.
Combined capital for these companies reached $549 billion, while the shareholder base totalled 246,600 in 2024. GCC-Stat said the data highlight the impact of the non-discrimination principle, which allows GCC citizens to trade shares, establish businesses and invest freely across member states, helping deepen capital markets and strengthen cross-border linkages.
The report noted that permitting GCC nationals to invest, launch projects and carry out commercial activities in any member state has enhanced the appeal of the Gulf Common Market for intra-regional investment. As a result, intra-GCC trade climbed to $146 billion in 2024, while 30 GCC commercial banks are now licensed to operate across the bloc.
Licences issued to GCC citizens to conduct economic activities in other member states reached 96,300 in 2024, the report said.
It added that Gulf Common Market policies have enabled GCC nationals to own property in other member states under harmonised regulatory frameworks. Together with the free movement of capital, this has supported real estate and financial investment and reinforced financial integration. Property ownership cases by GCC citizens in other member states stood at 17,900 in 2024.
Launched in 2007, the Gulf Common Market is a cornerstone of GCC economic integration, building on the free trade area and customs union, and paving the way towards monetary union and deeper economic cohesion.
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