UAE’s advanced legislative system has contributed to the country’s competitiveness in attracting investments and talent, said panellists at the fifth Sharjah Economic Ramadan Majlis held on Sunday, 12th May, 2019.
At the event organised by the Sharjah Investment and Development Authority (Shurooq), Sharjah Chamber of Commerce and Industry (SCCI) and the Sharjah FDI Office (Invest in Sharjah), and held under the theme, “The Contributions of Government Legislations to Attract FDI”, the panelists agreed that the legislations were a manifestation of the wise leadership’s vision of the development of economic, investment strategies and policies to ensure the sustainability of the development process.
The Majlis, held at the Al Jawaher Reception and Convention Centre, kicked off with a report highlighting the UAE’s accomplishments at the local, regional and international levels. According to the report, the UAE attracted more than US$10 billion in FDI last year, with a target to reach $20 billion in the next few years.
Sheikh Fahim bin Sultan Al Qasimi, Executive Chairman of the Department of Government Relations, said, “The UAE is constantly looking to secure the future of various sectors that have placed the country on the global landscape as a destination for FDI. Those who keep tabs on the legislations and regulations in the UAE and Sharjah specifically would have noticed the influx of FDI into the country after President His Highness Sheikh Khalifa bin Zayed Al Nahyan had issued a Decree on FDI, which aims to promote and develop the country’s investment environment.”
Abdullah Al Saleh, Under-Secretary of the Ministry of Economy for Foreign Trade, said, “A proper legislation is one of the most important aspects to attract FDI, as it guarantees investor and consumer rights. Additionally, strong infrastructure provides a host of advanced services, especially free zones that offer diverse and advanced services for investors in a lot of sectors.”
Stating that the Securities and Commodities Authority conformed to the highest international standards and cooperated with financial markets to develop its infrastructure, Dr. Obaid Saif Al Zaabi, CEO of the Securities and Commodities Authority, noted, “The authority has also developed investor protection and a corporate governance system which will be launched next month and have a direct impact on increasing FDI flow to the country.”
Stating that the geographic location of the country encouraged international companies to set up their regional headquarters in the UAE, Marwan bin Jassim Al Sarkal, Executive Chairman of Shurooq, said, “The country has become a nurturing environment for a majority of sectors, providing added value for FDI through its advanced and updated legislation, infrastructure and smart services, amongst others, that gives investors peace of mind and boosts performance.”
Highlighting Sharjah’s attractive environment for FDI, Mohamed Juma Al Musharrkh, CEO of Invest in Sharjah, underlined that the federal FDI law gave investors many perks including the treatment of foreign businesses as local entities and increasing the ownership limit for FDI, in addition to allowing the transfer of capital.
Apart from those who spoke, the event was attended by Juma Mohammed Al Kait, Assistant Under-Secretary for Foreign Trade Affairs at the Ministry of Economy; Khalid Jasim Al Midfa, Chairman of Sharjah Commerce and Tourism Development Authority; Fahad Al Gergawi, CEO of Dubai FDI; Dr. Khalid Al Midfa, Chairman of Sharjah Media City (Shams); and Hussein Al Mahmoudi, CEO of Sharjah Research, Technology and Innovation Park. The session was moderated by Marwan Al Hel, producer and presenter, Dubai Television.