Last month, Mansouri forecast 3.2 per cent growth for this year. “Up to 2.5 per cent GDP growth in 2010 depending on oil prices,” the minister told reporters, when asked about this year’s growth.

“Definitely this is a positive supporting element to reinforce our performance in terms of the GDP,” he said, adding: “I’m very positive oil prices will give the UAE a push to utilise these revenues to inject into infrastructure and revitalise the economy,” the minister said when asked about oil prices.

Last week, the International Monetary Fund raised more than doubled its economic growth forecast for the UAE to 1.3 per cent from 0.6 per cent in 2010, and said the Mena region is coming out of the global economic recession “at a good speed.” The upward revision on the country’s growth prospects comes just three months after the Fund forecast a 0.6 per cent growth for the country’s gross domestic 
product.

The minister said the country is shifting its focus from real estate to other sectors such as trade, logistics and tourism. “Freight cargo is picking up, which means in the next three to six months we will see it rise. But we need to rely not only on ourselves but on what’s happening in other countries like China, India and the Unitede States as it’s all interconnected,” the minister said.

New laws

When asked about the announcement of new laws, which are under consideration with the ministry, he said, “We have a list.”

The new laws pending at different levels are Foreign Investment, Competition, Certificate of Origin, Arbitration, Industry Affairs Regulation, Amendment of Industrial Ownership, Anti Commercial Fraud, Auditors Profession Regulation and Companies’ Law. The minister said that announcement does not mean the law is ready. It takes time, as there are various ministries and federal agencies. Mansouri said industrial law is ready and within the second step its with technical committee.

For companies law, he said ministerial committee has finished with it. There is still time because of the science of the law as it has more than 400 articles. “It’s most important law we have right now for the year 2010,” he added.

The process

Passing the laws involve several steps in the country. First, the Ministry will seek the Cabinet’s permission in forming the law, and the first draft will be shared with all concerned parties in the government and private sectors. The Draft Law is then sent to the Cabinet for approval and to the Legal Technical Committee at the Ministry of Justice that amends the draft in coordination with the Ministry of Economy.

The law will then be referred to the Ministerial Legal Committee to be discussed and amended and then will be transferred to the Cabinet for revision and approval.

It will then go to the Federal National Council for discussions and approval and to the Ministry of Presidential Affairs for issuing it officially.

· abdulbasit@khaleejtimes.com