Foreign investment to the UAE is expected to increase by 35 per cent after an overhaul of the commercial companies' law, Dubai Economy said on Sunday.
The changes will "have [a] far-reaching impact on the flow and quality of foreign and domestic investments, as well as overall economic growth of the country", said Sami Al Qamzi, director general of Dubai Economy.
The UAE reformed its commercial companies' law last month and annulled the requirement for onshore companies to have an Emirati shareholder. It also introduced other measures to improve the ease of doing business.
The move is intended to boost the country's competitive advantage and attract foreign capital to the Arab world's second-largest economy.
“Allowing foreign nationals 100 per cent ownership of commercial companies will lead to a significant increase not only in foreign and domestic investment, as these amendments allow full freedom for investors to manage and operate their businesses,” Mr Al Qamzi said.
The amendments are also expected to encourage individual investors and residents to invest in the small and medium enterprises, “which is a critical link in production chains”.
Sectors such as manufacturing, high-tech industries, digital economy, entertainment, engineering and legal consulting services are expected to attract long-term investment that will enhance "competition, partnerships and acquisitions among existing local and foreign companies".
Demand for high-skilled, high-wage jobs is set to increase due to improvement in the flow and quality of investment, according to the DED.
The amendments will also improve the country's position on the World Bank's Doing Business report, which will bring in more capital, Mr Al Qamzi said.
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Results:
6.30pm: Al Maktoum Challenge Round-2 (PA) | Group 1 US$75,000 (Dirt) | 2,200 metres
Winner: Goshawke, Fernando Jara (jockey), Ali Rashid Al Raihe (trainer)
7.05pm: UAE 1000 Guineas (TB) | Listed $250,000 (D) | 1,600m
Winner: Silva, Oisin Murphy, Pia Brendt
7.40pm: Meydan Classic Trial (TB) | Conditions $100,000 (Turf) | 1,400m
Winner: Golden Jaguar, Connor Beasley, Ahmad bin Harmash
8.15pm: Al Shindagha Sprint (TB) | Group 3 $200,000 (D) | 1,200m
Winner: Drafted, Pat Dobbs, Doug Watson
8.50pm: Handicap (TB) | $175,000 (D) | 1,600m
Winner: Capezzano, Mickael Barzalona, Sandeep Jadhav
9.25pm: Handicap (TB) | $175,000 (T) | 2,000m
Winner: Oasis Charm, William Buick, Charlie Appleby
10pm: Handicap (TB) | $135,000 (T) | 1,600m
Winner: Escalator, Christopher Hayes, Charlie Fellowes
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Day 4, Abu Dhabi Test: At a glance
Moment of the day Not much was expected – on Sunday or ever – of Hasan Ali as a batsman. And yet he lit up the late overs of the Pakistan innings with a happy cameo of 29 from 25 balls. The highlight was when he launched a six right on top of the netting above the Pakistan players’ viewing area. He was out next ball.
Stat of the day – 1,358 There were 1,358 days between Haris Sohail’s previous first-class match and his Test debut for Pakistan. The lack of practice in the multi-day format did not show, though, as the left-hander made an assured half-century to guide his side through a potentially damaging collapse.
The verdict As is the fashion of Test matches in this country, the draw feels like a dead-cert, before a clatter of wickets on the fourth afternoon puts either side on red alert. With Yasir Shah finding prodigious turn now, Pakistan will be confident of bowling Sri Lanka out. Whether they have enough time to do so and chase the runs required remains to be seen.
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
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MATCH INFO
Champions League quarter-final, first leg
Tottenham Hotspur v Manchester City, Tuesday, 11pm (UAE)
Matches can be watched on BeIN Sports
