The UAE is in the final stages of enacting new laws and updating existing regulations to boost investor confidence in the second-largest economy in the Arabian Gulf, Minister of Economy Sultan Bin Saeed Al Mansouri was cited as saying by the WAM news agency, according to a Bloomberg report.
The Ministry of Economy is laying the final touches on laws relating to competition, companies, auditors, foreign investment, industry and industry ownership, certificate of origin, anti-fraud and the draft of the arbitration.
“We believe that the new regulations will help us address concerns regarding commercial regulations and arbitration, and promote efficiency, transparency, and investor confidence in the business sector”, the minister said.
The UAE’s gross domestic product is expected to grow by some 2.25 percent in 2010 as the country emerges from the turmoil caused by the financial crisis, Al Mansouri said.
“It is clear skies after the overcast conditions that followed the global economic crisis. Green shoots are visible all over and the outlook is essentially positive… Real GDP growth estimates for 2010 have ranged from a low of 0.6 percent to a high of 3.2 percent, with an average GDP growth rate estimate of 2.25 percent,” the minister told a gathering organised by the Dubai Chamber of Commerce.
Inflation, which during the peak years of the boom circa 2007 had officially been estimated at around 15 percent, had been recorded at an average 0.43 percent during the first half of this year, he said.
HE Al Mansouri credited swift intervention by the UAE government for saving the country from the worst ravages of the financial crisis.
“It is the inherent strength of our economy, and a firm resolve, as well as quick action by the government that kept us going, even when leading economies in the world couldn’t withstand the crisis.
“The UAE was one of the first governments in the world that reassured investors and businesses by securing deposits, propping up the banking sector with enough liquidity and initiating steps to fill gaps in the legal regulatory framework of the country,” he said.
From February to July, the UAE’s non oil exports were AED31bn, and re-exports AED62bn, he said. During the same period, imports came to AED189bn, he added.
“When crisis hits, it is easier to stop marching, switch on to firefighting mode, and close your doors to the outside world… What we did was to seize the opportunities presented by the crisis and emerge stronger from the crisis,” he said.
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