More Swiss investment in the UAE likely after law change, says foreign minister

More Swiss investment in the UAE likely after law change, says foreign minister

More Swiss companies are likely to be investing in the UAE following the recent change in foreign ownership laws, Switzerland's foreign minister has said.

"We hope that Swiss companies can benefit from the recent legal amendments regarding foreign direct investments in the UAE," said Ignazio Cassis, head of the Swiss Federal Department of Foreign Affairs.

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He was referring to the decree issued by President Sheikh Khalifa bin Zayed Al Nahyan on November 23, which annulled the requirement for commercial companies to have a major Emirati shareholder or agent, providing full foreign ownership of onshore companies.

In comments published by state news agency WAM, Cassis said that with $16.6 billion investments in the UAE and an annual bilateral trade worth $21 billion, the UAE is Switzerland's most important trade partner in the Middle East and North Africa.

"More than 200 Swiss companies are represented in the UAE and many of them use the UAE as a hub for exports to other countries in the region and beyond," added Cassis.

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