Economic laws need amendment to keep pace with rapid growth (Interview)

The UAE's Federal National Council (FNC) has no objections to complete foreign ownership of businesses in huge and strategic industrial projects, according to its Speaker.

In an exclusive interview with Emirates Business, Abdul Aziz Al Ghurair, FNC Speaker, said as long as small and medium enterprises (SMEs) are protected and allowed to be the domain and preserve of UAE nationals, the government could allow 100 per cent foreign ownership to foreign investors in mega projects of strategic importance to the country.

The Speaker also said it was very difficult to de-peg the UAE dirham from the US dollar and experience has proved that the dollar peg has been beneficial to the UAE in the long run.