UAE to add 10 new sectors for 100% foreign ownership

The UAE’s Ministry of Economy working is on new legislation to include 10 new sectors to the Commercial Companies Law, which allows 100 per cent foreign ownership of onshore companies in the country.

While speaking at the Seventh edition of Sharjah Economic Ramadan Majlis, Abdulla Al Saleh, Undersecretary of the UAE’s Ministry of Economy for Foreign Trade and Industry, said this landmark legislation in the Commercial Companies Law is in its final stages of formation which will enable investors and business in 10 new sectors of strategic importance to come under the purview of the law.

He said the list sectors and the regulations will be announced by the UAE Cabinet soon.

Al Saleh added that the cancellation of the national service agent requirement came into force on April 1, also affirming that all current and previously licensed businesses in the UAE can amend their statuses according to the new amendments to the commercial companies law.

Many other senior officials also addressed the audience at the 7th edition of Sharjah Economic Ramadan Majlis. They include Omar Ahmed Suwaina Al Suwaidi, Undersecretary of the Ministry of Industry and Advanced Technology; Osama Amir Fadl, Assistant Undersecretary for the Industrial Accelerators Sector at the Ministry of Industry and Advanced Technology; Marwan bin Jassim Al Sarkal, Executive Chairman of Shurooq; Hussain Al Mahmoudi, CEO of SRTIP; Dr Khalid Omar Al Midfa, Chairman, Sharjah Media City; Fahad Al Gergawi, CEO, Dubai Investment Development Agency; Mohammad Juma Al Musharrkh, CEO of Invest in Sharjah; Najla Al Midfa, CEO of Sharjah Entrepreneurship Center (Sheraa); and Abdul Aziz Shattaf, Assistant Director General of Sharjah Chamber of Commerce and Industry.

“Legislations that have been issued or those that will be enacted soon seek to increase the country’s competitiveness for both local and international investors, and advance business performance. These legislations are not the outcome of a crisis, but follow a clear vision of the country’s economic future envisioned collaboratively by federal, local, and private sector stakeholders,” Abdulla Al Saleh said.

New industrial law

Omar Ahmed Suwaina Al Suwaidi a new industrial law will soon come into force and will be instrumental to promoting a conducive environment for industry in the UAE.

“We have also tackled financing issues startups face in order to boost their performance. A National Added Value Programme will be launched soon to support national products, enhance their competitiveness and find new markets for them,” he added.

Marwan bin Jassim Al Sarkal said markets will continue to transform and businesses will grow with the accelerated adoption of existing and emerging technologies, which will stimulate innovation, productivity and sustainable development, and contribute to overcoming societal, economic, environmental challenges.

Fahad Al Gergawi noted that the UAE’s approach to attract talents from across the globe is part of a long-term strategy and.

“During the coronavirus crisis, a countries’ ability to transform challenges to opportunities and achieve positive results is what has distinguished them and their success. The UAE has an impressive portfolio of investment-ready projects, thanks to strategies and initiatives like the Industrial Strategy ‘Operation 300bn’ which will become a significant tributary for future investment”, he added.

Mohammad Juma Al Musharrkh, said the UAE keenly amends and updates economic legislation to accommodate the changing needs of global investors and lighten the burden on business owners and entrepreneurs, in order to promote strong economic growth and boost the local economy’s competitiveness.

— waheedabbas@khaleejtimes.com