UAE President issues new law to set up a Foreign Direct Investment Unit in the Ministry of Economy
UAE President Sheikh Khalifa bin Zayed Al Nahyan has issued a new law on foreign direct investment (FDI) which aims to promote and develop the country's investment environment, and attract more money from abroad.
According to the law published in the latest issue of the Official Gazette, a Foreign Direct Investment Unit is to be established in the Ministry of Economy, which is responsible for proposing foreign direct investment policies.
According to state news agency WAM, the unit will be responsible for establishing a comprehensive database for UAE investments, including data on existing FDI projects, and will review and update information on a periodical basis.
Additionally, the relevant authorities will provide the unit with data on approved investment projects, WAM reported on Tuesday.
The unit will also oversee the creation of an attractive environment for foreign direct investment, facilitate the procedures for registering and licensing foreign direct investment projects, as well as monitor and evaluate their performance in the country, it added.
The law aims to consolidate the country's position as a major attraction for foreign direct investment at regional and global levels.
WAM said licensed foreign investment companies shall be granted the same treatment as national companies, within the limits permitted by the legislation in force in the UAE.
The announcement comes as FDI into Dubai rose 26 percent - $4.84 billion - in the first half of 2018 compared to the same time period last year.
According to data from the Dubai Investment Development Agency (Dubai FDI), an agency of the Department of Economic Development (DED), the number of FDI projects in Dubai rose to 248, a 40 percent increase over the same time period last year.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.