Abu Dhabi Government likely to relax ownership rules

Speaking during the two-day Abu Dhabi Economic Forum, Mohammed Omar Abdullah, the Undersecretary of the DED, said that foreign investors need better control over their company’s business decisions.

The law will be publicized this year, Abdullah said, without making elaborations about the percentage and timeline of the new ownership.

Currently, emirate nationals own 51 percent shareholding in the company, while the rest is owned by foreign investors.

According to Abdullah, Abu Dhabi would continue investing in projects pertaining to infrastructure expansion, with special focus on education and health sectors this year.

The government has chalked out a road map for economic growth inline with Economic Vision 2030, which has briefly spelled out priorities, and growth targets as broader guidelines.

Speaking during a forum, the Chairman of Department of Economic Development, Abu Dhabi Nasser Al Suwaidi, said that the emirate aims to increase Foreign Direct Investment by 9 percent per annum, while the non-oil exports are hoped to increase by 11 percent of GDP to reduce volatility.

According to Al Suwaidi, the government focused on issues of investment, reform, and support to the private sector. The investment climate has been improved in the emirate, and better services are now being offered to investors.

Al Suwaidi said that the economic outlook of the emirate remains optimistic, despite the uncertain global outlook, given the emirate’s sound economic fundamentals, and favorable short and long term economic indicators.

Posted on 25/2/2010

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