Pres­i­dent is­sues De­cree-laws on FDI, rev­enues

The Gulf Today - Business - - FRONT PAGE -

ABU DHABI: Pres­i­dent His High­ness Sheikh Khal­ifa Bin Zayed Al Nahyan, has is­sued a De­cree-law No. (19) of 2018 on For­eign Di­rect In­vest­ment (FDI) which aims to pro­mote and de­velop the coun­try’s in­vest­ment environment, and at­tract for­eign di­rect in­vest­ment in line with na­tional de­vel­op­ment poli­cies.

In ac­cor­dance with Ar­ti­cle II, the De­cree-law aims to con­sol­i­date the coun­try’s po­si­tion as a ma­jor at­trac­tion for for­eign di­rect in­vest­ment at the re­gional and global lev­els, at­tract and en­cour­age for­eign in­vest­ment, ex­pand and di­ver­sify the pro­duc­tion base, trans­fer and at­tract ad­vanced tech­nol­ogy, knowl­edge and train­ing, in ad­di­tion to in­creas­ing the flow of for­eign di­rect in­vest­ment in pri­or­ity sec­tors to achieve bal­anced and sus­tain­able de­vel­op­ment, pro­vid­ing job op­por­tu­ni­ties in var­i­ous fields, achiev­ing the best re­turns of avail­able re­sources and high added value to the coun­try’s econ­omy.

Ac­cord­ing to the law pub­lished in the lat­est is­sue of the Of­fi­cial Gazette, a ‘For­eign Di­rect In­vest­ment Unit’ is to be es­tab­lished in the Min­istry of Econ­omy, which is re­spon­si­ble for propos­ing for­eign di­rect in­vest­ment poli­cies in the coun­try and de­ter­min­ing its pri­or­i­ties, and set­ting up as­so­ci­ated plans and pro­grammes and work on their im­ple­men­ta­tion fol­low­ing their ap­proval by the UAE Cabi­net.

Also in ac­cor­dance with Ar­ti­cle 5 of the De­cree-law, the unit will be re­spon­si­ble for es­tab­lish­ing a com­pre­hen­sive data­base for UAE in­vest­ments, in­clud­ing data on ex­ist­ing FDI projects, and will re­view and up­date in­for­ma­tion on a pe­ri­od­i­cal ba­sis. Ad­di­tion­ally, the rel­e­vant au­thor­i­ties shall pro­vide the unit with data on ap­proved in­vest­ment projects.

The unit will also over­see the cre­ation of an at­trac­tive environment for for­eign di­rect in­vest­ment, fa­cil­i­tate the pro­ce­dures for reg­is­ter­ing and li­cens­ing for­eign di­rect in­vest­ment projects, as well as mon­i­tor and eval­u­ate their per­for­mance in the coun­try.

Newspapers in English

Newspapers from UAE

© PressReader. All rights reserved.