The emergence of Dubai as a preferred FDI destination underscores the emirate’s ability to facilitate a smooth investment journey for the global investor community, Dubai Investment Development Agency.
Fahad Al Gergawi, CEO of Dubai FDI, said a regular and sustained conversation with stakeholders is part of a strategy to further consolidate Dubai’s position as a growth hub for businesses worldwide.
Addressing a webinar on “Federal Commercial Companies Law Updates” held in cooperation with KPMG LG, Al Gergawi said that such continuing engagement with stakeholders has enabled Dubai and the UAE to enhance the contribution of private sector companies to economic development and enable informed decision-making in line with the strategic goals of the UAE.
The webinar, held on Tuesday, was part of the Public-Private Connect (PPC) Programme series by Dubai FDI to promote engagement and partnership and update investors on Dubai's business environment.
Speakers at the webinar provided information on the recent amendments to the federal Commercial Companies Law that allow foreign investors and entrepreneurs to establish and fully own onshore companies, their benefits to existing businesses, and the vast opportunities for new investors.
Along with Dubai FDI, the webinar featured speakers from the UAE Ministry of Economy, the Business Registration & Licensing (BRL) Sector in Dubai Economy, and KPMG, who highlighted the measures being adopted by the UAE to enhance the position of the country as an attractive, investment-friendly destination for international corporations by enhancing its competitive edge.
Hind Al Youha, director of the Investment and Talent Attraction Department at the Ministry of Economy, said the amended Commercial Companies Law represents a quantum leap in developing the investment environment in a way that enhances the regional and international position of the UAE as a hub for investment and trade.
“The amendment, which is in line with the vision to develop the national economy and raise it to new levels of excellence and leadership, will contribute to enhancing growth and competitiveness in the face of global changes, and accelerate the transition to development models," she said.
"By providing a competitive legislative environment for establishing businesses and investment projects, it will also enhance openness and the ability to attract more foreign investments in new sectors, diversify and develop the base of non-oil economy, create new job opportunities, and increase confidence among foreign investors through guarantees and facilities, thus creating a solid basis for partnership and cooperation,” said Al Youha.
Nader Haffar, chairman and CEO of KPMG Lower Gulf, said as the global business community emerges from the pandemic, a supportive legislative environment is key. “Businesses must be aware of, and implement, various updated regulations, as they navigate the current reality, simultaneously planning for the future. The UAE government’s move to allow 100% foreign ownership will be instrumental, fueling economic recovery and long-term growth,” said Haffar.
Events to be staged at the DWTC, comprising diverse sectors including construction, energy, technology, beauty, food, healthcare, environment and automotive, will mark the emirate’s post-pandemic economic recovery