He stressed that the amendments to the Commercial Companies Law are a quantum leap to develop the investment environment

Al-Qamzi: 35% growth in foreign investment expected

• Dubai Economy confirmed that investors will have strong incentives to enter into long-term investments.

  Photography: Ahmed Arditi

• Sami Al-Qamzi: "Allowing foreigners to establish and own companies and the influx of more investments will lead to enhanced competition."

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The Director General of Dubai Economy, Sami Al Qamzi, expects an increase in foreign investments by up to 35%, as a result of the amendments to the Commercial Companies Law in the UAE, which allow foreigners to establish and own companies by 100%.

In a statement issued yesterday, Al Qamzi stressed that the new amendments represent a quantum leap in the development of the investment environment, in a way that enhances the country's regional and international position as a center for investment and trade, within the framework of the UAE government's constant endeavor to provide a distinct environment for doing business. That the country ranks high according to the International Competitiveness Index (the 25th in the world and the first in the Arab world). These amendments will contribute to enhancing the competitiveness of the UAE and further progress according to this index, as well as improving the country's position according to the ease of doing business index issued by the World Bank, This will be strongly reflected in capital flows.

Quality of investments

Al-Qamzi also expected that these amendments would have far-reaching effects on the flows and quality of foreign and domestic investments, and the overall process of economic growth in its various dimensions in the country, explaining that allowing foreigners to establish and own companies 100% would lead to a significant increase, not only in foreign investment flows, but Also, by not a few residents, as these amendments allow full freedom for investors to manage and operate their investments.

He indicated that the amendments will not only attract large companies and huge investments, but will encourage individual investors and many residents to invest, especially in the small and medium enterprises sector, which is an essential part of production chains.

Long investments

On the other hand, Al Qamzi pointed out that on the other hand, investors will have strong incentives to enter into long-term investments in sectors of vital importance to the economy, such as manufacturing, high-tech industries, the digital economy, entertainment industries, engineering and legal consulting services, which will lead to enhancing competition in The market between existing local companies and companies with foreign capital, and the creation of partnerships or acquisitions that contribute to improving the efficiency of business management, which improves the quality of investments and contributes to the acceleration and sustainability of the economic growth process.

Boost competition

Al-Qamzi stated that allowing foreigners to establish and own companies and the influx of more investments will lead to enhancing competition in the business sector, which results in an improvement in operational and administrative efficiency, not only in the private sector, but also at the level of the economy as a whole.

He stressed that the increase in investment flows will lead to the creation of more job opportunities, noting that in light of expectations of improved quality of investments, changes are expected corresponding to the demand for work, which will increase the demand for high-skill, high-wage jobs, which will result in attracting more Experienced and highly skilled.

500 companies benefit from the partnership with "Zoho"

The commercial registration and licensing sector in the Dubai economy has reported that more than 500 companies in the emirate have benefited from the partnership program with "Zoho", whereby companies can use the Zoho One application platform, which includes 45 applications linking various functional services in companies smoothly, free of charge for the year. First.

The Dubai Economy and Zoho, signed a memorandum of understanding, in October 2020, to make technology available to all companies operating in the Emirate of Dubai, and to assist them in their journey to digital transformation.

Under the partnership, when using Zoho One, companies can manage sales, marketing, productivity, human resources management, financial management, and other functions through a single platform.

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Increasing investment flows lead to more job opportunities.

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