The UAE's new investment law will be ready by the fourth quarter this year, allowing 100 percent foreign ownership in selected sectors, The National reported on Tuesday, citing economy minister Sultan Al Mansoori.
The new law will liberalize sectors ranging from manufacturing to services, boosting foreign investment inflow from Asia and Europe by up to 15 percent.
“It will be this year, I can assure you. The latest will be Q4,” Al Mansoori said, adding, “I am optimistic. It is critical that we finish the investment law this year.”
The final draft of the law has been sent to the cabinet for review and approval.
The UAE is expecting foreign investment to reach between $10.6 billion and $10.8 billion this year, compared to an estimated $10.3 billion last year.
“It’s a marginal increase, but we have to take into consideration the current situation and atmosphere in the world right now. The environment is sometimes challenging," he noted.
At present, the Ministry of Economy is also working on several laws to help boost productivity and increase non-oil sector contribution to 80 percent by 2021 from the current 70 percent.
The UAE is forecasting GDP growth of up to 3.9 percent for 2018, but the projection is likely to be impacted by oil price trends, Al Mansoori said.
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