Amendments in company ownership laws to propel UAE's recovery

Dubai-EconomyA Dubai Chamber of Commerce and Industry, in its recent report, has backed the proposed amendment in the company's ownership norms adding that it would help to increase investment prospectus of Dubai, adversely impacted by global financial crisis.

The Dubai Chamber in a media report added, "The UAE Government is putting in place plans to continue making the country more attractive for foreign investors at a time of global economic instability."

Government is said to be changing norms related to company, industry and investment, helping investors to ensure the safety of their investment besides enabling them to be a leading partner in the growth of the country.

Meanwhile, the 2010 Economic Freedom Index conducted by the Heritage Foundation has established that market sentiments and business index has been improving across the UAE region. The country scored 67.3 out of 100 in the index indicating the improved business potential due to rise in commercial activities in the country.

Dubai also reported 9.3 per cent rise in exports in the fourth quarter of 2009. Dubai Chamber issued 152,070 Certificates of Origin (COO) in the fourth quarter, reporting an increase of 1.7 per cent from the third quarter.