His Excellency Sultan Bin Saeed Al Mansoori, UAE Minister of Economy clarified today that a section of the media has misrepresented him on his statement regarding full foreign ownership according to the new companies law.
Mr Al Mansoori said he had told reporters earlier today on the sidelines of the Fifth Gulf Cooperation Council (GCC) Regulators’ Summit that the new companies law may be issued before the end of 2011, adding that the ministry has finalised the draft and was waiting for approval from the UAE authorities concerned.
The Minister reiterated that the Ministry of Economy is always keen to deal transparently with the media by providing all the information on the latest developments concerning the nature of the work of the ministry. The Ministry would not provide any information unless it is objective and transparent.
The Ministry of Economy is working on 14 new draft laws, including the new company law, foreign investment law and industries law. Most of these laws are in the final stages. The Ministry has sent some of the draft laws, including the companies law, to the relevant authorities for necessary follow-up and action.