Saudi Arabia is updating its list of all investors under the requirements of the recently agreed Gulf Cooperation Council's (GCC) common market charter. The GCC common market charter sets out the requirements needed to achieve monetary union to enhance trade and commercial activities in the region, much like that achieved in the European Union. The Council of Ministers has sent a circular to a number of government agencies to provide the Ministry of Economy and Planning with statistics on GCC citizens who have economic investments and service investments in the Kingdom. This includes the size and scope of their investments. The Council of Ministers also wants statistics on the number of GCC citizens who are self-employed and those who hold jobs in the non-governmental sector. The move coincides with the approval of the GCC common market charter by the Council of Ministers in a session chaired by King Abdullah, Custodian of the Two Holy Mosques, at the end of Dhul Qa'dah. The GCC Supreme Council endorsed the charter at its 29th session held in Oman in December 2008. In the same session the Council of Ministers approved the 6th Article in the Charter which refers to the possession of properties by citizens in member countries. The Charter comprises of two elements: the first pertains to a package of legislation defining the 10 aspects of the market, and the second is on procedural guidelines for citizens, which also explains the opportunities and advantages of a common market. The 10 aspects of the charter cover freedom of movement, work in the private and public sectors, social security, retirement, transfer of capital, possession of property, purchase of stocks and the establishment of companies.
