New UAE decisions will boost investment: Minister

Thursday, 24 May 2018 00:00 - - {{hitsCtrl.values.hits}}

The UAE Cabinet’s recent decisions to allow 100% ownership of companies by global investors and the launching of an integrated system for UAE visas are landmark steps that will fast track the country’s efforts towards achieving the objectives of the National Agenda 2021, said UAE Minister of Economy Engineer Sultan bin Saeed Al Mansoori.

He added that these decisions play a significant role in enhancing the development of the country in line with the UAE Centennial 2071.

He said that the new 100% ownership system for global investors will bolster the UAE’s image on the global investment map and major global firms will now be keen to set up branches in the country.

He added that this strategic step would increase the inflow of foreign direct investments in the UAE, particularly key sectors that help boost trade and increase the number of projects and firms, which in turn will aid the prosperity of the business environment and the growth of the national economy.

He also highlighted that the UAE offers several investment-friendly advantages and incentives, whether it be in terms of strategic location, political security and stability, social and cultural openness, active economic policies, investor-friendly legislations, world-class infrastructure, professional and customised services and a global edge in terms of innovation and leadership in vital sectors such as trade, aviation, ports and logistics.

He added: “Over the past years, these factors have succeeded in establishing UAE’s position as the first Arab country for attracting foreign investment. However, the new directives allowing 100% ownership to foreign investors, the provision of 10-year visas for investors and their families and for those with advanced skills and expertise, represents a significant first step among many in developing a system of investment and development legislation in the country. It sends out a clear message that the UAE is one of the best destinations in the world for high-profile investors and investments, and also for innovators in various disciplines, all of which are pillars for building the economy of the future.”