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Major global firms will now be keen to set up branches in the country, say industry stalwarts. Business, professional and investor communities in the UAE greeted the much-anticipated landmark residency and investment reforms with enthusiasm and hoped the new measures would give a major fillip to the economy and brighten the nation’s long-term investment outlook.
Sultan bin Saeed Al Mansouri, UAE Minister of Economy, said the decision of the UAE Cabinet to raise global investors’ ownership of companies to 100 per cent, and the launching of an integrated system for UAE visas aimed at attracting talents, is a landmark step that fast-tracks the country’s efforts towards achieving the objectives of the National Agenda 2021.
He said the Cabinet decisions play a significant role in enhancing the development of the country in line with the UAE Centennial 2071, by providing a distinct advantage to UAE’s competitiveness in attracting global investments and consolidating its position as a preferred destination for exceptional talents and competencies across different priority sectors and disciplines.
“These decisions strengthen the wisdom and vision of our leadership, which continues to propel the UAE from strength to strength. He added that it underscores the UAE government’s accurate estimation of current conditions and its capacity to anticipate future trends towards a more sustainable and progressive economy,” he said.
He said that the new 100 per cent ownership system for global investors will bolster the UAE’s image on the global investment map and major global firms will now be keen to set up branches in the country. He added that this strategic step would increase the inflow of foreign direct investment in the UAE, particularly key sectors that help boost trade and increase the number of projects and firms, which in turn will aid the prosperity of the business environment and the growth of the national economy.
The minister also highlighted that the UAE offers several investment-friendly advantages and incentives, whether it be in terms of strategic location, political security and stability, social and cultural openness, active economic policies, investor-friendly legislations, world-class infrastructure, professional and customised services and a global edge in terms of innovation and leadership in vital sectors such as trade, aviation, ports and logistics.
“Over the past years, these factors have succeeded in establishing the UAE’s position as the first Arab country for attracting foreign investment. However, the new directives allowing 100 per cent ownership to foreign investors, the provision of 10-year visas for investors and their families and for those with advanced skills and expertise, represents a significant first step among many in developing a system of investment and development legislation in the country. It sends out a clear message that the UAE is one of the best destinations in the world for high-profile investors and investments, and also for innovators in various disciplines, all of which are pillars for building the economy of the future,” said Al Mansouri.
Dr Azad Moopen, founder chairman and managing director, Aster DM Healthcare, said the decision by the visionary rulers of the UAE would have a far-reaching positive effect on the economic and social life. “It will give confidence to existing residents and investors and attract many more to this oasis of peace and prosperity. This is bound to exponentially increase the flow of talent and capital to the UAE, which will be a paradise for entrepreneurs and professionals.”
Adeeb Ahamed, managing director, LuLu Financial Group, said the decisions taken by the UAE Cabinet would boost international investments while fostering talent in a number of areas of expertise. “The visionary leadership of this country has transformed the UAE over the years into an inspiring global community that presents great opportunity to follow dreams and realise them. We are extremely proud to be a part of this country which ranks high in many of the crucial measures of a progressive nation.”
Ahamed pointed out that the UAE has always been at the forefront when it comes to implementing such initiatives which help boost the investment climate in the country, making it a preferred investment destination.
Firoz Merchant, founder and chairman, Pure Gold Group, said the decision of 100 per cent ownership for international investors along with 10-year residence visa would further establish the UAE as the ultimate destination for investment and business. “This thoughtful gesture made in the ‘Year of Zayed’ will enhance investor confidence and showcase the UAE as the global talent incubator giving an overall boost to the economy.”
Avin Gidwani, CEO of BNC Network, Dubai, said the new changes marked the beginning of the next economic wave and it clearly answers the question about the driver behind the ongoing construction.
Santosh Varghese, general manager – MEA, Toshiba Gulf FZE, said new investment reforms would go a long way in reinforcing the UAE’s positions as a preferred global investment destinations. “The 10-year residency rules for professional and investors will serve as a catalyst to attract bigger flow of foreign direct investments from other parts of the world, especially from the Far East.”
Source : Khaleej Times