Abu Dhabi to issue law on FDI

ABU DHABI — The Chairman, Abu Dhabi Economic and Planning Department, Shaikh Hamed bin Zayed Al Nahyan, yesterday hinted that the emirate is closely working with the Ministry of Economy and Planning on a law that would pave the way for a greater foreign direct investment, which may allow 100 per cent ownership rights for foreigners.

By A Staff Reporter

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Published: Sun 10 Jul 2005, 10:39 AM

Last updated: Thu 2 Apr 2015, 4:38 PM

"We are working on a law in close consultation with the Ministry of Economy and Planning,'' Shaikh Hamed bin Zayed Al Nahyan told reporters, after inaugurating the ADCB's Business Center, at the Industry City Abu Dhabi (ICAD) in the Mussafah industrial area. He did not offer details of the law and when it would be promulgated. About the ICAD, he said that industrial activity is progressing, helping the emirate to diversify greatly from its hydrocarbon dominated economy. The industrial city has attracted Dh6 billion worth foreign investment, which is quite a satisfactory level. " We are working on several big projects... a big project is in final stage", he disclosed without elaborating on its nature and size of investment involved.

Earlier, Shaikh Hamed formally cut the ribbon of the state-of-the-art business

centre of Abu Dhabi Commercial Bank (ADCB) at The Industrial City of Abu Dhabi, which reflects ADCB’s recognition of the changing demands of the industrial sector and the new economic development in the emirate of Abu Dhabi and UAE in general.

Chairman ADCB, Saeed Mubarak Al Hajeri speaking on the occasion said ADCB is the first bank to open its doors in the industrial city of Abu Dhabi to provide different types of financial services to investors and industrial companies operating in the city, an initiative which was welcomed by ICAD based companies, factories and business men.

He said that the opening of ADCB’s business centre is a clear indication to ADCB’s board and management continuous commitment to be involved and provide the necessary support to the exceptional economic progress in Abu Dhabi and UAE.

"ADCB is committed to working closely with all governments’ initiatives, and in support of our economy progress. Such dynamic interaction will play a significant role in attracting foreign direct investments and provide the required tools to succeed, Saeed Mubarak Al Hajeri said.

The new business centre has been developed with a state-of-the-art creative design concept that delivers on ADCB’s focus to continually provide innovative customer orientated products and services.

He said that it will help customers quickly evaluate and choose from the complex and often competing range of offers, the whole ADCB portfolio of services and products have been rationalised into three simplified groupings.

Hala Hussain, Head of Business Development said that the ADCB's is only bank providing all kinds of banking services to retail and corporate clients of the industrial city. She said that business center, is a one-stop facility where clients needs are met without any involvement of the head office. "At the moment, we have 300 retail and over two dozen corporate clients", she said.

The new ADCB business centre in Industrial City of Abu Dhabi will offer a comprehensive range of products and services as well as 2 ATM’s, 2 Internet Pods and a telephone banking unit.

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