Systematic incentives for overseas investors in UAE
Overseas investors will get enhanced legal protection in UAE as the government may draft new laws to allure foreign investors.
The UAE, which is one of the worst victims of recession, has been trying hard to attract foreign investors to boost economic diversification and that will be done by the new law which will introduce systematic incentives for the overseas investors.
Speaking on the topic, Sultan bin Saeed al-Mansouri, minister of Economy said that the foreign investment law will provide suitable climate for foreign businesses.
Previous month the govt. eradicated the minimum capital requirement of 150,000 dirhams for foreign investors to initiate a company in the UAE.
Previous year oil and natural gas accounted for about 38 per cent of country's 929 billion dirhams GDP. But the country wants it to come down to around 20 per cent in the coming period of 10 to 15 years via diversification of economy.
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