UAE business reforms are a game-changer
Landmark business reforms in the United Arab Emirates will lead to an unprecedented explosion of foreign direct investment in Dubai and Abu Dhabi.
The move will also secure their burgeoning status as major international hubs.
On Monday, His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai announced amendments to the law in regard to business ownership.
Under the new legislation, as from December 1, 2020, the UAE will permit 100% ownership of businesses for foreign nationals.
Beforehand, all businesses required a UAE citizen sponsor.
As I was quoted as saying by Dubai Chronicle, International Investment, International Adviser, and Business Money, amongst other media, both Dubai and Abu Dhabi are seen as two of the world’s most powerful business and financial centres, by international investors attracted to the immense possibilities in regard to finance, trade and commerce, as well as the renowned ‘can do’ attitude and low tax environment.
As such, the announcement of these new business reforms means their appeal amongst international investors will soar even further.
We can expect to see an unparalleled surge of foreign direct investment in Dubai and Abu Dhabi as a result, particularly following the UAE government’s decision in September to allow expats to legally remain in the country long after retirement.
I noted earlier this year that within the next 10 years we’ll see the UAE become one of the world’s top 10 international financial hubs to rival the likes of London, New York and Hong Kong.
Indeed, Dubai and Abu Dhabi boast an independent regulator, independent judicial system, a global financial exchange, a stable, pro-business government, many HNW individuals, a dynamic business community, world-class infrastructure and telecommunications, English as the defacto business language, and their desirable geographical location and time zone.
It’s because of these reasons and many more that deVere announced earlier in the year that we’re developing a major digital finance and fintech operation from our Dubai base.
These business reforms have substantially boosted the UAE’s already sizeable competitive edge. This news is an absolute game-changer.