Construction Week cited Mr Sultan bin Saeed al Mansouri economy minister of UAE as saying that the country could soon allow 100% foreign owned companies.
Draft laws, which are expected to be submitted to the cabinet within 2 months, propose changes to legislation pertaining to the foreign ownership of companies.
Companies within free zones can already be owned 100% by non residents; however, outside of free zones, ownership is currently limited to 49%.
Mr Al Mansouri said that “Industry is one of the sectors we are trying to attract to the UAE and have it as a major contributor to our GDP. To do that, we need to create the right environment for these industries worldwide.”
According to experts, it is a move that would be widely applauded by the construction industry.
Mr Sinan Ozkocer GM of Turkish based Sembol Construction said that “We still consider Dubai to be a hub for other major Middle East countries and in order to overcome the economic crisis foreign investors should be encouraged to be present in the region. The vision the UAE has presented to the world still offers a lot of opportunities to expand in the area.”
Mr Daniel Taylor MD of London’s Metro Design Consultants agreed that “Opening up the UAE market to full foreign ownership of businesses means it will be well placed for emerging markets. Its location should attract both Western and Eastern companies.”
He said that “As an interior architecture practice operating in Europe, Metro Design Consultants sees the UAE as an exciting opportunity with commercial businesses demanding high standards for their workspaces. People will look for excellence in design, to attract the best personnel.”
Mr Al Mansouri said that “A lot of industries worldwide are very interested to move here to the UAE, providing there are certain terms and conditions they would like to see in the industrial law.”
(Sourced from www.steelgruu.com)
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