São Paulo – The United Arab Emirates is working on a legislation to include ten new sectors under its commercial companies’ law, which allows for 100% ownership of onshore entities in the country, undersecretary of the Ministry of Economy for Foreign Trade and Industry Abdullah Al Saleh revealed at the 7th edition of Sharjah Economic Ramadan Majlis last weekend.
Majlis was organized by Sharjah Investment and Development Authority (Shurooq) in collaboration with the Sharjah Chamber of Commerce and Industry (SCCI) and Sharjah FDI Office (Invest in Sharjah) at Sharjah Research Technology and Innovation Park (SRTIP).
The ten new sectors to come under the purview of the law, which weren’t disclosed yet, are of strategic importance for the Arab country. Last year, the country allowed for the first time 100% foreign ownership of onshore companies. Saleh said the law is in its final stages of formation.
Held under the title, “The role of the New Industrial Strategy and Commercial Companies Law in developing the national economy and enhancing its competitiveness,” the Majlis convened senior government officials, diplomats, investors, prominent business leaders, and media representatives. The head of the international office of the Arab Brazilian Chamber of Commerce (ABCC) in Dubai, Rafael Solimeo, and Business executive, Noury Dweidary, participated (pictured above).
Saleh stressed the changes to legislation on foreign ownership in the UAE is not the outcome of a crisis but are part of a long-standing vision for the country’s economic future, undertaken collaboratively by federal, local and private sector stakeholders. “The future depends primarily on attracting innovative talents who will lay the foundations of economies of the future,” he said.
The UAE plans to expand the contribution of the industrial sector to AED 300 billion (USD 36 billion) by 2031 from AED 133 (AED 81 billion) presently. The countries has identified challenges, advancing legislation, tackled financing issues, boosting added value production, enhancing competitiveness and founded new markets.
The Sharjah Research Technology and Innovation Park, where the majlis took place, acts primarily as a center of innovation and interchange between government, private and academic organizations that lead the movement to create a knowledge-driven economy in the UAE. Its operation is a component to develop the economy of the future that the Arab country seeks to have.
Translated by Guilherme Miranda
