Press Release from the General Secretariat of the GCC onToday, Monday, April 29th, 2024, the joint ministerial meeting for the strategic partnership between the Gulf Cooperation Council (GCC) and the United States of America was held at the headquarters Read more 29April2024Share this news...tweetHE the GCCSG Meets with the Secretary General of the ASEANHis Excellency Mr Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), met with Mr Kao Kim Hourn, Secretary General of the Association of Southeast Read more 28April2024Share this news...tweetHE GCCSG and Secretary General of OPEC Discuss Ways to StrengthenHis Excellency Mr Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), and His Excellency Mr Haitham Al Ghais, Secretary General of the Organisation of the Petroleum Read more 28April2024Share this news...tweetHE the GCCSG Commends Saudi's Active Role in Fostering InternationalUnder the gracious patronage of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Read more 28April2024Share this news...tweetHE the GCCSG Condemns and Denounces the Terrorist AttackHis Excellency Mr Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), expressed his condemnation and disgust at the terrorist attack that targeted the Khor Read more 27April2024Share this news...tweet News Events No content found More Events Menu عربي ×News × Events ×Employees Mail × . . × × HomeAbout GCC Member StatesThe CharterOrganizational StructureObjectivesLogo Secretariat General Secretary GeneralAssistant SecretariesTendersJobs GCC AchievementsCurrently selected AchievementsProjects Statements Supreme CouncilMinisterial Council Data Events And Competitions EventsCompetitions Cognitive Sources Laws and RegulationsAgreementsDigital LibraryGCC Statistics Media Center GCC NewsAdvertisingMultimedia LibraryMailing ListLinks Contact US Offices Search Employees Mail Steps have been taken to achieve economic citizenship Steps have been taken to achieve economic citizenship الرئيسية›Home›GCC Achievements›Achievements›Economic Cooperation›The GCC Common Market and Economic nationality›Steps have been taken to achieve economic citizenship›IX. Stock Ownership and Formation of Corporations I. Movement and residenceII. Working at the government and private sectorsIII. Social insurance and pensionIV. Engagement in all professions and craftsV. Engagement in economic, investment and service activitiesVI. Real Estate OwnershipVII. Movement of CapitalsVIII. Tax TreatmentIX. Stock Ownership and Formation of CorporationsCurrently selectedX. Education, Health and Social Services . The Supreme Council’s resolution (9th session, December 1988) allowed GCC nationals to own shares in stock-companies and transfer ownership according to the rules appended thereto. Those rules were amended by the Supreme Council’s resolution (15th session, December 1994). The said rules exclude some corporations such as insurance companies and banks. They also allow imposing other restrictions on the Stock ownership and formation of corporations. All Member States, excluding Qatar, have issued implementing directives to this effect. 2. The practical application of those rules proved that only a small number of GCC nationals have benefited from those rules, while other GCC nationals have refrained from investment in this activity because of the strict controls and exclusions thereof.3. In line with the GCC Economic Agreement, the Supreme Council’s resolution ( 23rd session, December, 2002) provided for equal tax treatment of the GCC nationals in the field of Stock ownership and formation of corporations and the "elimination of all the restrictions preventing that" by 2002 at the latest.4. By 2005, all Member States have issued resolutions according equal treatment to the GCC nationals engaged in this activity, subject to specific controls in some cases.5. Since the practical implementation of that resolution requires technical and legal mechanisms that allow GCC nationals and capital corporations to benefit from said resolution, therefore, an international consulting company was hired to develop the necessary mechanisms for the development and integration of the GCC capital markets. The said study was completed in April 2005. The competent committees are currently reviewing these mechanisms to be submitted to the Supreme Council for approval.
HE the GCCSG Meets with the Secretary General of the ASEANHis Excellency Mr Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), met with Mr Kao Kim Hourn, Secretary General of the Association of Southeast Read more 28April2024Share this news...tweetHE GCCSG and Secretary General of OPEC Discuss Ways to StrengthenHis Excellency Mr Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), and His Excellency Mr Haitham Al Ghais, Secretary General of the Organisation of the Petroleum Read more 28April2024Share this news...tweetHE the GCCSG Commends Saudi's Active Role in Fostering InternationalUnder the gracious patronage of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Read more 28April2024Share this news...tweetHE the GCCSG Condemns and Denounces the Terrorist AttackHis Excellency Mr Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), expressed his condemnation and disgust at the terrorist attack that targeted the Khor Read more 27April2024Share this news...tweet News Events No content found More Events Menu عربي ×News × Events ×Employees Mail × . . × × HomeAbout GCC Member StatesThe CharterOrganizational StructureObjectivesLogo Secretariat General Secretary GeneralAssistant SecretariesTendersJobs GCC AchievementsCurrently selected AchievementsProjects Statements Supreme CouncilMinisterial Council Data Events And Competitions EventsCompetitions Cognitive Sources Laws and RegulationsAgreementsDigital LibraryGCC Statistics Media Center GCC NewsAdvertisingMultimedia LibraryMailing ListLinks Contact US Offices Search Employees Mail Steps have been taken to achieve economic citizenship Steps have been taken to achieve economic citizenship الرئيسية›Home›GCC Achievements›Achievements›Economic Cooperation›The GCC Common Market and Economic nationality›Steps have been taken to achieve economic citizenship›IX. Stock Ownership and Formation of Corporations I. Movement and residenceII. Working at the government and private sectorsIII. Social insurance and pensionIV. Engagement in all professions and craftsV. Engagement in economic, investment and service activitiesVI. Real Estate OwnershipVII. Movement of CapitalsVIII. Tax TreatmentIX. Stock Ownership and Formation of CorporationsCurrently selectedX. Education, Health and Social Services . The Supreme Council’s resolution (9th session, December 1988) allowed GCC nationals to own shares in stock-companies and transfer ownership according to the rules appended thereto. Those rules were amended by the Supreme Council’s resolution (15th session, December 1994). The said rules exclude some corporations such as insurance companies and banks. They also allow imposing other restrictions on the Stock ownership and formation of corporations. All Member States, excluding Qatar, have issued implementing directives to this effect. 2. The practical application of those rules proved that only a small number of GCC nationals have benefited from those rules, while other GCC nationals have refrained from investment in this activity because of the strict controls and exclusions thereof.3. In line with the GCC Economic Agreement, the Supreme Council’s resolution ( 23rd session, December, 2002) provided for equal tax treatment of the GCC nationals in the field of Stock ownership and formation of corporations and the "elimination of all the restrictions preventing that" by 2002 at the latest.4. By 2005, all Member States have issued resolutions according equal treatment to the GCC nationals engaged in this activity, subject to specific controls in some cases.5. Since the practical implementation of that resolution requires technical and legal mechanisms that allow GCC nationals and capital corporations to benefit from said resolution, therefore, an international consulting company was hired to develop the necessary mechanisms for the development and integration of the GCC capital markets. The said study was completed in April 2005. The competent committees are currently reviewing these mechanisms to be submitted to the Supreme Council for approval.
HE GCCSG and Secretary General of OPEC Discuss Ways to StrengthenHis Excellency Mr Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), and His Excellency Mr Haitham Al Ghais, Secretary General of the Organisation of the Petroleum Read more 28April2024Share this news...tweetHE the GCCSG Commends Saudi's Active Role in Fostering InternationalUnder the gracious patronage of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Read more 28April2024Share this news...tweetHE the GCCSG Condemns and Denounces the Terrorist AttackHis Excellency Mr Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), expressed his condemnation and disgust at the terrorist attack that targeted the Khor Read more 27April2024Share this news...tweet News
HE the GCCSG Commends Saudi's Active Role in Fostering InternationalUnder the gracious patronage of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Read more 28April2024Share this news...tweetHE the GCCSG Condemns and Denounces the Terrorist AttackHis Excellency Mr Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), expressed his condemnation and disgust at the terrorist attack that targeted the Khor Read more 27April2024Share this news...tweet
HE the GCCSG Condemns and Denounces the Terrorist AttackHis Excellency Mr Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), expressed his condemnation and disgust at the terrorist attack that targeted the Khor Read more 27April2024Share this news...tweet