Dubai economy expects 35% growth in foreign investments due to law reforms

Dubai economy expects 35% growth in foreign investments due to law reforms

Dubai's economy is expecting a 35 percent growth in foreign investment due to recent reforms in the UAE's Commercial Companies Law, according to the Director-General of Dubai Economy, Sami Al-Qamzi.

The recent amendments 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, Al-Qamzi said.

The reforms - which came into effect at the start of this month - allow foreign nationals 100 percent ownership of commercial companies within the country.

The changes will also contribute to increasing competitiveness and ease of business in the UAE in addition to bringing in more investments and creating more jobs, Al-Qamzi added.

"Allowing foreign nationals 100 percent ownership of commercial companies will lead to a significant