According to Sultan Al Mansouri, UAE Minister of Economy, the upcoming release of UAE Investment Law by the end of this year is expected to boost the UAE’s Gross Domestic Product (GDP) between 3 to 4%. Once implemented, the new laws would strengthen the legal infrastructure and boost the economy. This would encourage businessmen and investors to be more active and creative.
On the sidelines of the Annual Investment Meeting 2014, Al Mansouri explained that the new law can enhance the overall investment and business environment across the UAE.
Al Mansouri said “Major changes have been made in the new version of the Investment Law which can facilitate the UAE markets become more favourable for foreign investments in most non-oil sectors, especially tourism, real estate and financial sectors.”
To boost the overall business environment, the UAE government intends to upgrade its legal infrastructure by revising tens of laws and regulationsincluding a company law, an investment law, a bankruptcy law, a competitiveness law, an arbitration Law, and also an intellectual property law, and others.
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