Al Saleh: The Council of Ministers will soon issue a list of sectors open to 100% foreign ownership
Agents and officials: Legislation and government initiatives provide a supportive environment for investors
The symposium was held under the title “The Role of Industry Strategy and Commercial Companies Law in Developing the National Economy”.
From the source
Agents and officials stated that the legislation and initiatives launched by the government provide a supportive environment for investors, noting that the Council of Ministers will soon issue a list of sectors open to foreign ownership at 100% and the requirements for their work.
They emphasized during a seminar organized by the Sharjah Investment and Development Authority (Shurooq), in cooperation with the Sharjah Chamber of Commerce and Industry and the Sharjah Foreign Direct Investment Office, "Invest in Sharjah", in the Sharjah Research, Technology and Innovation Complex, under the title "The Role of Industry Strategy and Commercial Companies Law in Developing the Economy System." NBK and enhance its competitiveness », that the removal of the service agent requirement for foreign companies that want to work in the country, contained in the amendments to the Companies Law, has been implemented since the beginning of this April, and that all previously licensed companies can adjust their positions according to the amendments to the Commercial Companies Law.
They pointed out that the "300 billion dirhams project", which was recently launched, aims to increase the competitiveness of the local industry and enhance the industrial sector’s contribution to the GDP from 133 billion dirhams to 300 billion dirhams by 2031.
companies laws
In detail, the Undersecretary of the Ministry of Economy for Foreign Trade and Industry Affairs, Abdullah Al Saleh, confirmed that "the recent amendments made by the UAE government to the Commercial Companies Law have allowed the foreign investor to own 100% and invest in all economic sectors, except for some activities with a strategic impact." Pointing out that the Council of Ministers will soon issue a list of these sectors and fields and their work requirements.
Al Saleh explained, during the symposium, that removing the service agent requirement for foreign companies wishing to work in the country, which is contained in the amendments to the Companies Law, has been implemented since April 1, pointing out that all previously licensed companies can adjust their positions according to the amendments to the Companies Law. Commercial.
He said: “Legislation and laws, which were issued recently, or that the government is working on to issue them soon, centered around raising the state’s attractiveness for domestic and foreign investments, and enhancing the level of business performance, so that it becomes easier and more capable of development and expansion, and these legislations are not improvised or stemming from a crisis, Rather, it came as part of an insightful and clear vision for the future of the country's economy.
He stressed that the future will depend primarily on attracting innovative minds, which are the main engine for the future of countries' economies, noting that there are initiatives to attract innovators, inventors, creators and talents from various countries of the world to the country, through an integrated system that will be announced in succession in the coming months.
300 billion dirhams
For his part, the Undersecretary of the Ministry of Industry and Advanced Technology, Omar Ahmed Suwaina Al-Suwaidi, said that “(The 300 billion dirhams project), which was recently launched, aims to increase the competitiveness of the local industry and enhance the industrial sector’s contribution to the gross domestic product from 133 billion dirhams to 300 billion dirhams. By the year 2031, in addition to using advanced technology and the solutions of the fourth industrial revolution and highlighting the state as an incubator for future industries, ”pointing out that this project is not limited to the Ministry of Industry, but rather is a project for all ministries, local and federal government agencies and private sector institutions.
He added: “We started with dialogues, workshops and meetings with all our industry partners. We identified the challenges facing the industrial sector, as well as the challenges facing the local and global economy. We focused on a group of sectors as a priority, and classified them within three axes. The first is related to industries in which the state has advantages. Competitive, such as the chemical, petrochemical, pharmaceutical, defense and heavy industries, and the second relates to national security industries such as food and medical security industries, while the third axis includes future industries related to space, renewable energy and others.
Advanced technology
The Executive Director of the Dubai Investment Development Corporation, Fahad Al-Gergawi, explained that the UAE’s readiness for the future by supplying the economy with advanced technology, research and studies, and its direction to attract talent is not born today, but rather a solid strategy in its approach. To continuously develop and strengthen these legislations, in line with regional and global economic, investment and technological changes.
He added that the "Covid-19" stage provides many investment opportunities, despite the presence of some challenges, but what distinguishes countries is to come up with positive results to move towards the future during crises, and the UAE has put the readiness for investment in mind, through the strategies and initiatives it offers. Including the National Strategy for Industry and Advanced Technology, which will be an important tributary for future investments.
For his part, Chairman of the Sharjah Investment and Development Authority (Shurooq), Marwan bin Jassim Al-Sarkal, said: “The government is showing great flexibility in changing and amending legislation to keep pace with local and global economic changes, and the major and rapid developments in the field of technology, and to face the exceptional circumstances surrounding the world's economies due to the pandemic ( Corona), and based on the government's awareness of the importance of the industrial sector as the engine of growth, it has finally launched the National Strategy for Industry and Advanced Technology, to promote the industrial sector and expand its size and scope.
Abdullah Al Saleh:
• «The removal of the condition of service agent for foreign companies, which has been implemented since the first of April.
Knowledge economy
The CEO of the Sharjah Research, Technology and Innovation Complex, Hussein Al Mahmoudi, confirmed that the Sharjah Research, Technology and Innovation Park reflects the ambition of the UAE to be an advanced industrial country that depends on innovation and a knowledge economy, and creates new opportunities for companies, investors and entrepreneurs, noting that the complex embraces one of the largest laboratories. Transportation in the world, as new types of trains are being tested in an area of about three kilometers, and the complex also hosts laboratories for innovation, modern agricultural technologies, augmented reality, and artificial intelligence, all of which constitute a basic pillar of the country's strategy towards the future economy.
Legislation update
The Executive Director of the Sharjah Foreign Direct Investment Office, “Invest in Sharjah”, Mohammed Jumah Al-Musharkh, said: “The UAE is constantly keen to update economic legislation in order to reduce burdens on businessmen and investors, and keep pace with the strong growth in the economy, developments in the global and local investment market, and the needs of investors. The legislative environment and the legal and economic structure of the state and the Emirate of Sharjah witnessed a package of legislation and incentives that contributed to the increase in foreign direct investment flows, and the expansion of vital sectors that meet the interests of investors.
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