The UAE is at an advanced stage of drafting a new federal law on foreign direct investment (FDI) which would allow 100% foreign ownership in certain activities and sectors, UAE Minister of Economy Sultan al-Mansuri said.

Addressing the Annual Investment Meeting (IAM) in Dubai this week, the minister said that the UAE government is committed to removing bureaucratic hurdles facing foreign investors, and to turn the country into “not just one of the most competitive economies in the region,” but also the most competitive globally. For the UAE the goal is to provide an enabling investment environment which is supported by progressive laws. (CONTINUED - 378 WORDS)