The UAE Cabinet's decision to open up its market for companies fully-owned by Gulf nationals and registered in the other five GCC countries, and giving them equal status, is a move in the right direction. This also reflects the UAE government's strong commitment to strengthening the private sector by encouraging competition within the GCC. The move that comes as part of a resolution adopted at an earlier GCC summit will help cross-border trade and investment once all the GCC states ratify it. With this, Gulf companies owned by GCC nationals will be treated like local companies — not foreign investors — anywhere in the region. This will not only strengthen competition among the leading Gulf companies, but will also help them contribute to the regional economy in a bigger way. The move comes four years after the Gulf states created a common market that is part of a greater plan to integrate the GCC economies. While the moves are good, they are also coming too slowly. The Gulf's private sector companies have matured and are ready to play a greater role on a wider canvas before taking on a bigger role in the global economy.
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