UAE’s President, Sheikh Khalifa bin Zayed Al Nahyan, issued a decree on Foreign Direct Investment, which aims at promoting and developing the investment environment and attracting foreign direct investment in line with the Country's Development Policies.
The aim of the law is to establish UAE as a major attraction pole for Foreign Direct investment at the regional and global levels, attract and encourage foreign investment, expand and diversify the production base, transfer and attract advanced technology, knowledge and training, and increase the flow of foreign direct investment in priority sectors to achieve balanced and sustainable development. The law also seeks at providing Job opportunities in different fields, achieving the most from available resources and attaining a high-value-added economy.
Foreign investment companies licensed under the new law deal with the treatment of national companies within the limits permitted by the legislation enforced in the Country and the International conventions to which the Country is a party.
The conditions and procedures for establishing and licensing foreign direct investment projects listed on the positive list, as well as the required documents in accordance with the provisions of this decree, shall be determined by law and legislation enforced in the Country and the local laws enforced in the concerned city.
Source: (Al-Arabiya.net, Edited)
