US President Biden made the announcement at the United Nations General Assembly in New York, and called on other countries to follow suit
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Stating this the Abu Dhabi Economic Vision 2030 points out the UAE government has expressed its intention to review limits on foreign ownership. For now, however, free zones, which enjoy some exemptions and flexibility related to foreign ownership rights, are the primary tools to encourage foreign investment in
Such zones help to bring in foreign expertise and technology, and stimulate trade and investment.
Without giving details of the planned expansion, the document points out that when it comes to property rights, the passing of recent legislation formalising the right of foreigners to own real estate has shown that Abu Dhabi is actively seeking to protect the property rights of all in the emirate. Foreign nationals are now permitted to own real estate in the emirate within specially designated zones.
Conceding that regulations limiting foreign investment can act as a disincentive to foreign ownership, the document clarified thatcaps on the foreign ownership of businesses in the UAE relate largely to the government’s efforts to transform the national population into key stakeholders in the economy.
Outside of free zones, limits in
This policy has been relatively successful, creating a generation of local shareholders and business owners. The level of foreign ownership remains low within the emirate, thus indicating an opportunity to boost FDI and speed-up the roll-out of leading edge technologies, business processes and management practices to the rest of the economy.
A more contemporary corporate governance framework will also be considered in order to boost investor confidence in
Various legislative improvements can also be made to encourage start-ups in the emirate, which are sensitive to relatively high start up costs and capital requirements. A more developed regulatory framework will be put in place to enhance the rights of both lenders and borrowers. This will ease the provision of capital for business and assist in the creation of start-ups.
Legislation in this regard should reduce bottlenecks in the provision of loans, while maintaining the robustness of the financial system. Streamlining bankruptcy resolution processes will also help to support healthier members of the business community and improve the life cycle of the economy as a whole.
Anti-trust provisions will also be taken into account and modernised. The judicial system will also be brought up to speed with these legislative changes to instil greater investor confidence.
· ramavarman@khaleejtimes.ae
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