The final draft of the new UAE company law, which will allow foreigners to fully own a company outside free zones in the country, will be placed before the Cabinet for approval within a month, the Minister for Economy Sultan bin Saeed Al Mansouri announced on Monday.
“It (the proposed law) is moving at a great speed through the various internal committees. We are left with only 100 articles (to be reviewed) out of a total 383 articles being processed. Hopefully, within a month we will finalise everything, and the draft law will be placed before the Cabinet for final ratification,” the minister told reporters on the sidelines of the “Abu Dhabi
Outlook Summit.”
With substantial construction activities already underway in Abu Dhabi, investments through public-private partnership in infrastructure development, real estate and manufacturing sector are expected to reach $1 trillion in the medium term, the minister said. “Today Abu Dhabi is a hub for capital flow to and from the region. The emirate has projects worth over $100 billion currently underway. These are clear indications that Abu Dhabi defies the impact of global financial crisis and continues to thrive,” Al Mansouri said.
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