DUBAI: Foreign investment to the UAE is expected to increase by 35 percent after an overhaul of the commercial companies\u2019 law, said Dubai Economy. The changes will \u201chave [a] far-reaching impact on the flow and quality of foreign and domestic investments, as well as overall economic growth of the country\u201d, said Sami Al Qamzi, director general of Dubai Economy. The UAE reformed its commercial companies\u2019 law last month and annulled the requirement for onshore companies to have an Emirati shareholder. It also introduced other measures to improve the ease of doing business. TLTP
\nThe move is intended to boost the country\u2019s competitive advantage and attract foreign capital to the Arab world\u2019s second-largest economy.
\n\u201cAllowing foreign nationals 100 per cent ownership of commercial companies will lead to a significant increase not only in foreign and domestic investment, as these amendments allow full freedom for investors to manage and operate their businesses,\u201d Mr Al Qamzi said.
\nThe amendments are also expected to encourage individual investors and residents to invest in the small and medium enterprises, \u201cwhich is a critical link in production chains\u201d.
\nSectors such as manufacturing, high-tech industries, digital economy, entertainment, engineering and legal consulting services are expected to attract long-term investment that will enhance \u201ccompetition, partnerships and acquisitions among existing local and foreign companies\u201d.
\nDemand for high-skilled, high-wage jobs is set to increase due to improvement in the flow and quality of investment, according to the DED.
\nThe amendments will also improve the country\u2019s position on the World Bank\u2019s Doing Business report, which will bring in more capital, Mr Al Qamzi said.<\/p>\n","protected":false},"excerpt":{"rendered":"
DUBAI: Foreign investment to the UAE is expected to increase by 35 percent after an overhaul of the commercial companies\u2019 law, said Dubai Economy. The changes will \u201chave [a] far-reaching impact on the flow and quality of foreign and domestic investments, as well as overall economic growth of the country\u201d, said Sami Al Qamzi, director […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-160825","post","type-post","status-publish","format-standard","category-business"],"yoast_head":"\n