Abu Dhabi Economy May Grow 4% in 2010, 3% This Year

Abu Dhabi’s economy may grow by about 4 percent in 2010, compared with 3 percent this year, Mohammed Omar Abdullah, the undersecretary of the emirate’s Economic Development Department, said today.

The largest of the seven sheikhdoms that make up the United Arab Emirates plans to create export and business centers next year to facilitate trade and promote small and medium-sized businesses, Abdullah told reporters in Abu Dhabi.

Federal legislation regulating corporations may be passed by the end of the year, which would ease laws governing foreign ownership of businesses, he said.

“The federal law doesn’t refer directly to 100 percent ownership,” he said.END