Dr. Obaid Al Zaabi Commenting on Cabinet’s Decisions at Its Meeting Yesterday:
Cabinet’s Decisions Enhance National Economic Competitiveness and Change the Investment Landscape
They Embody Zayed’s Legacy in the Year of Zayed and Put the UAE at the Forefront of the Investment Landscape
Undoubtedly, the new decisions allowing international investors 100 percent foreign ownership of businesses operating in the UAE at year’s end and the new visa system aimed to attract talents have special significance, especially that they coincide with the Year of Zayed. These decisions reiterate that the UAE has been, since its founding by the late Sheikh Zayed and the founding fathers, and will remain keen to nurture young talent and a land of opportunity.
The new decisions reflect the sharp insight of our leadership, led by President H.H. Sheikh Khalifa bin Zayed Al Nahyan, and cater for market needs. They also highlight the approach that our wise government, led by H.H. Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister, and Ruler of Dubai, adopts to introduce new channels to stimulate economic growth and grease the wheels of economic and sustainable development, driven by skilled and qualified human resources and specialized experts from different sectors.
Unarguably, these decisions contribute to enhancing the competitiveness of the national economy, thus making it more attractive to global businesses and investors by offering them further incentives, attracting more foreign investment, and offering more assurances to investors.
Enhancing the investment climate and boosting investor confidence in the economy will have a great impact on the realization of the UAE Vision 2021; they will increase foreign investment’s contribution to the GDP and will be instrumental in supporting the efforts to achieve a high ease of doing business ranking, thus adding momentum to all sectors, including the banking and real estate sectors.
The UAE has unique elements. It pursues an open economy policy, has an advanced infrastructure and free zones that facilitate investment, offers facilities to foreign investors, and occupies a strategic geographic location, connecting East and West.
Of course, these decisions will emphasize economic and social stability and will result in a new wave of investment inflows, making investors abroad think of the UAE first as a safe haven for their funds and assets. Thus, the UAE will become a hub for foreign investment, will increase its competitiveness, and will dominate the economic and investment landscapes, especially when bearing in mind that a considerable percentage of the world’s largest 500 businesses are based in the UAE.