Work on direct solutions to the challenges of the private sector in Abu Dhabi
The newly established Investment and Industrial Development Office will provide direct solutions to the challenges facing the private sector, in line with recent business cost reduction initiatives, including the cancellation of direct fees for establishing two-year projects and the reduction of other donor fees for approvals as well as expansion In the establishment of free zones especially for industries.
This came in comments to the diamond in a statement to reporters on the sidelines of a seminar organized by the Abu Dhabi Chamber of Commerce and Industry yesterday on foreign direct investment.
He pointed out that the companies’ claims are subject to several conditions, foremost of which are contracts with the local government companies of the Emirate and not the federal authorities, as well as the non-submission of claims to judicial processes.
He pointed out that the investment sector is still in need of further improvement to reach a high degree of competitiveness, thus contributing to maintaining the flow of capital to the various markets of the Emirate. He pointed out that Abu Dhabi has set a selective policy to attract investments, especially in the industrial sector, Value added to the local economy and also enjoys a high degree of environmental safety as well as green projects and low-employment projects.
A Seminar
Officials said that the UAE has become one of the world’s most preferred foreign direct investment destinations during a seminar organized by the Abu Dhabi Chamber of Commerce and Industry in cooperation with the Pakistani Business Council on FDI and its impact on sustainable development and supporting the national economy.
Mohammed Al Muhairi, Director General of Abu Dhabi Chamber, said that the seminar comes within the framework of the Chamber’s keenness to highlight the mechanisms that will help attract these investments and the importance of introducing the government efforts and directives supporting foreign direct investment projects. Khalifa bin Zayed Al Nahyan, President of the State, may God protect him, for the decree of the law of a foreign direct investment in October last year.
He stressed that the UAE has become the strategic center for foreign investments and the focus of major international companies, starting from its geographical location, which is the gateway to the countries of the Middle East, North Africa and South Asia, through the wise economic policies adopted by the adoption of openness, diversity and flexibility, The advantages and advantages that our country possesses, and has made it an investment-stimulating environment for investors from everywhere.
Economic Diversification
For his part, Abdullah Al Saleh, Undersecretary of the Ministry of Economy for Foreign Trade, said that since 1970 the UAE has been working to reduce its dependence on the oil and gas sector through its diversification strategy in many other sectors such as trade, financial services, tourism, real estate development and manufacturing industries. The UAE is becoming more competitive internationally.
Non-oil growth is expected to reach 3.9 percent in 2019 and 4.2 percent in 2020, according to IMF estimates. The IMF also predicted real GDP growth of 3.7% for 2019 and 2020.
Important Steps
Dr. S. Qaiser Anis, Chairman of the Pakistani Business and Professional Council of the Emirate of Abu Dhabi, said that the UAE has taken important steps towards reforming the national economy, issuing a new law for foreign direct investment. He pointed out that the UAE is one of the most preferred destinations for foreign direct investment, pointing out that the UAE ranks 21st in the world in the flow of foreign investment and is seen as a catalyst for business creation.
Source: Al Bayan – 03/12/2019