Sultan bin Saeed Al Mansouri, Minister of Economy, has said that the new FDI law is a qualitative leap on the path to further stimulate the country's investment-conducive environment and strengthen the efforts being tirelessly made to draw more investments to the knowledge and innovation-based sectors which represent real pillars for sustainable development.
As per the law, the minister said, a 'Foreign Direct Investment Unit' is to be established in the Ministry of Economy. This will be responsible for proposing foreign direct investment policies in the country and determining its priorities, and setting up associated plans and programmes and work on their implementation following their approval by the UAE Cabinet.
"The new law will reflect positively on advancing the UAE's rankings across global competitive indices," the minister noted.
The FDI unit will be responsible for establishing a comprehensive database for UAE investments, including data on existing FDI projects, and will review and update information on a periodical basis.
Article 10 of the Decree-Law stipulates that the licensing authority and the responsible authority shall determine the conditions and procedures for the establishment and licensing of FDI projects based on the listed required documents of the Decree-law, and the laws of the country.
FDI projects that exist before the new law shall retain all the privileges given in accordance with former legislations, agreements and contracts within the specified period.
© Copyright 2019 Emirates News Agency (WAM)