UAE eyes 15-20% FDI increase by 2020- Ministry of Economy official | ZAWYA MENA Edition

UAE eyes 15-20% FDI increase by 2020- Ministry of Economy official | ZAWYA MENA Edition:

The United Arab Emirates is expecting a 15-20 percent increase in the flow of Foreign Direct Investment (FDI) into the country between the end of this year and 2020, boosted by a new Foreign Direct Investment law that was passed last month, a Ministry of Economy official said on Monday.

Speaking to Zawya on the sidelines of a press conference in Sharjah held on behalf of the Sharjah FDI Forum, which will run from 10-11 December, Hind AlYouha, director of the investment department in the UAE’s Ministry of Economy said: “Since the issuance of the (Foreign Direct Investment) law in 2018, the expected growth (in FDI) until year 2020 will be between 15 and 20 percent”.

The UAE passed a new foreign investment law in October allowing foreign investors to own more than 49 percent and up to 100 percent in UAE-based businesses in certain sectors. It is not yet clear in which sectors foreign companies will be allowed 100 percent ownership, but UAE econmy minister Sultan bin Saeed al-Mansouri said in a press conference last week that a list of these will be published in the first quarter of next year. A negative list of restricted sectors in which foreign ownership will still be restricted has already been published.