Govt plans to consider new law on foreign ownership of companies

ABU DHABI — The government of Abu Dhabi would soon decide its policy on the 100 per cent ownership of businesses in the specialised economic zones being established in the emirate, said a top official.

By A Staff Reporter

Published: Mon 19 Nov 2007, 9:04 AM

Last updated: Sat 4 Apr 2015, 11:18 PM

"The government is working on a policy to be announced in near future, as it is under consideration by the federal as well as authorities in the emirate of Abu Dhabi," Engr. Jaber Al Khaili CEO of Zonescorp, told reporters on the sidelines of Abu Dhabi Conference 2007 organised by MEED here yesterday.

He said that Zonescorp through public private partnership (PPP) invested Dh1 billion into the infrastructure for ICAD-1 and ICAD-two, and has so far attracted investments exceeding Dh10 billion.

Al Khaili said that a specialised Energy zone‚ would be setup, as part of number of economic zones, aiming at establishment of energy and capital intensive industries, in the emirate to augment industrial growth in the country.

Al Khaili said Al Ain Industrial City would be ready by February 2008, while Ruwais has been chosen for a special economic zone for heavy and petro-chemical industries. Youseff Nasr, Regional CEO HSBC Middle East saw Abu Dhabi's phenomenal growth as sustainable due to soaring oil revenues. "It is not because of any war so it is sustainable," he said. Ruling out any fall in oil prices, Nasr said high revenues means large surpluses, availability of additional capital and more investment opportunities. Fatima Al Jaber COO of Al Jaber Group said with the opening up of new growth areas, like real estate, has increased the demand for labour, so does the need for their accommodation problems.

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