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UAE Freezones Biz News Updates
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New UAE investment law to boost GDP
 Shaikh
Mohammad yesterday met with the heads of delegations at the 4th AIM. Shaikh
Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai, and Shaikh
Maktoum Bin Mohammad Bin Rashid Al Maktoum, Deputy Ruler of Dubai, also
attended.
The UAE government intends to upgrade its legal infrastructure by
revising tens of laws and regulations
The upcoming release of UAE Investment Law by the end of this year is
expected to boost the UAE’s Gross Domestic Product (GDP) between three to
four per cent, according to Sultan Al Mansouri, UAE Minister of Economy.
On the sidelines of the Annual Investment Meeting 2014, Al Mansouri told
Gulf News that the new law will enhance the overall investment and business
environment across the UAE.
“Major changes have been made in the new version of the Investment Law which
will help the UAE markets become more favourable for foreign investments in
most non-oil sectors, especially tourism, real estate and financial
sectors,” Al Mansouri said.
To boost the overall business environment, the UAE government intends to
upgrade its legal infrastructure by revising tens of laws and regulations
including a company law, an investment law, a bankruptcy law, a
competitiveness law, an arbitration Law, and an intellectual property law,
among others.
Legal infrastructure
“Upgrading the legal infrastructure in the UAE is needed to cope with the
current economic situation and to stand up to the market challenges
according to the fundamentals of justice,” he added.
Once implemented, the new laws would strengthen the legal infrastructure and
boost the economy. This would encourage businessmen and investors to be more
active and creative, he said.
“We are expecting remarkable growth in the flow of FDI into the UAE by the
issuance of this law with the aim of accelerating the diversification of the
economy,” he added.
Currently, the accumulated value of UAE foreign direct investment touched
$92 billion, Al Mansouri said.
He added that the UAE’s overall GDP is expected to grow from 3.9 per cent in
2013 to 4.5 per cent in 2014. While Euler Hermes, a global credit insurance
company, expects the UAE GDP to grow up to 4.7 per cent this year and up to
5.4 per cent after winning the bid for Expo 2020.
Al Mansouri said that non-oil sectors had the highest share of contribution
to growth, where sectors like tourism, industry, finance, and trade were the
biggest contributors.
This year, AIM is discussing the role of foreign direct investments (FDI) on
the Arab and regional economies with a special focus on emerging markets.
Under the theme ‘Investment Partnerships for Sustainable and Inclusive
Growth in Frontier and Emerging Markets’, the three-day event is expected to
open new horizons for new direct investment opportunities across the UAE as
well as in the region.
April 8, 2014
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Courtesy Al Nisr Publishing LLC
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