How UAE’s Latest Reforms Can Revive the Economy

  • Date: 26-Nov-2020
  • Source: Al Bawaba
  • Sector:Economy
  • Country:UAE
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How UAE’s Latest Reforms Can Revive the Economy

The UAE has entered a strategic inflection point in its vibrant journey to become the most sought-after global investor hub with the rolling out of a series of reforms, including the full business ownership law and the 10-year golden visa rule for foreign investors and professionals.

While the game-changing reform allowing 100 per cent ownership to foreign entrepreneurs and businesses will open the floodgates of foreign direct investments, the residency law will help attract and retain talents and professionals and boost confidence levels of investors about the security and long term sustainability of their investments in the UAE.

Ranked 19th on Kearney's latest FDI Confidence Index, the UAE has seen FDI inflow jumping over 34 per cent to $14 billion in 2019 from $10.4 billion in 2018.

Most analysts and business leaders greeted the news with excitement and bullishness while looking for greater clarity on the scope and efficacy of the FDI law on the UAE's broader investment and business landscape which is coming into force on December 1.

They said while the new law covers in its “positive list” 122 different economic activities, further details on the investment criteria for the FDI licence eligibility are needed the size of capital requirements for various