United Arab Emirates continues to open up economy

Published September 29th, 2000 - 02:00 GMT

The United Arab Emirates is seeking to open up its market to foreign investment. 

As of September 18, expatriates were allowed to trade in property firm, Emaar, the first company in the country in which foreigners were allowed to buy stock. Emaar was founded in 1997, guided by the goal of becoming a leader in property development, management and acquisition in both residential and commercial property. 


Dubai’s government holds a 32 percent stake in the firm, which was capitalized at Dh2.65 billion. Long-term investors own 30-40 percent of Emaar’s stock, Economic Times reported. 


Another sign of the opening marketplace will be presented by the National Bank of Abu Dhabi (NBAD), which is expected to launch a mutual fund called UAE Global Growth Fund, in which stakeholders of all nationalities will be able to invest.  


Meanwhile, Mohammed Ali Al Hosani, General Manager of the Abu Dhabi Free Zone Authority (ADFZA) conveyed that bank branches operating in the Saadiyat free trade zone no longer require a minimum up-front capital, and will be allowed to take in deposits from all UAE residents. –(Albawaba-MEBG) 



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