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Fri 31 Mar 2017 10:20 AM

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UAE eyes new law to lure more foreign investors in industry

More incentives to be offered in foreign investment law as Emiratis dominate investment in UAE industrial sector

UAE eyes new law to lure more foreign investors in industry
UAE Minister of Economy Sultan bin Saeed Al Mansouri.

Emirati investments in the industrial sector amounted to AED112 billion ($30.4 billion) in 2016, accounting for 86 percent of the total investments, according to UAE Minister of Economy Sultan bin Saeed Al Mansouri has said.

The minister told Arabic language daily, Al Ittihad, that the total investments in the country's industrial sector rose to AED130 billion by the end of 2016.

Foreign investments in the sector were worth AED14 billion, similar to that invested by GCC citizens.

In comments published by state news agency WAM, he said the UAE government seeks to attract new industrial investments valued at more than $70 billion by the year 2025.

The UAE will develop a set of laws that are likely to ensure an investment-friendly environment in the industrial sector, including the foreign investment law, expected to be issued shortly to provide more incentives for businessmen to channel their investments to essential economic sectors, primarily the industrial sector, he said.

"The future outlook of the UAE is transitioning to a knowledge-based economy, promoting innovation and research and development, strengthening the regulatory framework for key sectors, and encouraging high value-adding sectors. These will improve the country’s business environment and increase its attractiveness to foreign investment," Al Mansouri noted.

He added that 61 percent of the UAE nationals' investments last year were focused on major industrial sectors along with the food and beverage platform, with 58 percent of GCC investments focusing on non-metalic mineral raw material and the mineral industries, and 58 percent of foreign investments going to the food and beverage industries.

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