H.E Saif Mohamed Al Hajeri, Chairman of Abu Dhabi Department of Economic Development (ADDED), revealed that the UAE Cabinet's recent decision to offer 100 per cent foreign ownership across 122 approved economic activities demonstrates the country's eagerness to become a key player in the global economy. The move, as he points out, will help in the ongoing efforts to create a highly conducive business environment for non-oil economic segments, which has now become keen on attracting the entry of more foreign direct investments (FDI) - falling in line with the UAE's growth development strategies.
H.E. explained that the UAE government's decision follows after the directives and policies issued by the country's wise leadership to intensify efforts in achieving total sustainable development and forging highly strategic and beneficial partnerships with the private sector.
Al Hajeri expressed confidence in the Abu Dhabi government's continuing efforts to facilitate better and smoother business processes among strategic sectors like agriculture, manufacturing, renewable energy, e-commerce and technology - all of them key players in the move to enhance Abu Dhabi's competitiveness among other global economies.
“The decision to offer 100 percent foreign ownership is only one of the many incentives that the UAE has developed to help drive in more foreign direct investments into the country which in turn will improve the local economy allowing for key diversification and openness. We believe that this move will bring about a positive impact on the local federal economy and serve as a catalyst for the growth process. It will play a vital role in enhancing the ease-of-doing business process as well as promoting the UAE’s position as a preferred destination for investment and establishing new businesses,” concluded Al Hajeri.
© Press Release 2019