Dubai's emergence as a preferred FDI destination accentuates the Emirates' ability to enable the global investor community Dubai Investment Development Agency to make a smooth investment journey possible.
Dubai FDI's CEO, Fahad Al Gergawi, said that a regular and on-going dialogue with stakeholders is part of a strategy aimed at strengthening Dubai's position as a global growth hub for businesses.
Al Gergawi said that a webinar on the "Federal Commercial Companies Law Update," held in partnership with the KPMG LG, allowed Dubai and the UAE to enhance private sector companies' contribution to economic growth, and enabled informed policy-making to be carried out according to the strategic objectives of the UAE.
The webinar was part of Dubai FDI's Public-Private Connect (PPC) programme series, which promotes partnership and engagement and updates investors on the business environment in Dubai.
The webinar speakers provided information on the federal Commercial Enterprises Law's recent changes, which allow foreign investors and entrepreneurs to set up fully own onshore companies, their advantages to existing companies and their extensive opportunities for investors.
The webinar was accompanied by Dubai FDI speakers from the UAE Ministry of Economics, the BRL sector in Dubai Economy, and KPMG, who emphasised the measures being taken by the United Arab Emirates to improve the attractive, investment-free destination of the nation by increasing the competitive edge of the country's market.
The amended Commercial Companies Law represents a quantum leap towards developing the investment environment to increase the regional and international position of the UAE as a hub for investment and trade, said Hind al-Yuha, Director of the Ministry of Economics' Investment and Talent Attraction Department.
"The amendment, in line with the vision of developing and raising the national economy to new levels of excellence and leadership, will enhance growth and competitiveness in the face of global change and hasten the transition to development models," she said.
Al Youha quoted, "By offering a competitive legislative environment for setting up corporations and investment projects, It will also enhance openness and the capacity to attract more foreign investment into new sectors, diversify and develop the foundations of the non-oil economy, generate new employment opportunities and enhance trust between foreign investors through guarantee and facilities, thus providing a sound foundation on which to build for partnership and cooperation."
As the global business community emerges from the epidemic, Nader Haffar, chairman and CEO of KPMG Lower Gulf, said, a supportive legislative environment is critical. “As they negotiate the current realities while also planning for the future, businesses must be aware of and apply different updated requirements. The UAE government's decision to allow 100 percent foreign ownership will be critical in boosting economic recovery and long-term growth, according to Haffar.