H.E. Eng. Sultan bin Saeed Al Mansoori, UAE Minister of Economy, said that the recent decision of the UAE Cabinet to raise global investors’ ownership of companies to 100 per cent, and the launching of an integrated system for UAE visas aimed at attracting talents, is a landmark step that fast tracks the country’s efforts towards achieving the objectives of the National Agenda 2021. H.E. Al Mansoori added that these decisions play a significant role in enhancing the development of the country in line with the UAE Centennial 2071, by providing a distinct advantage to UAE’s competitiveness in attracting global investments and consolidating its position as a preferred destination for exceptional talents and competencies across different priority sectors and disciplines.

Al Mansoori noted that these decisions strengthen the wisdom and vision of our leadership, which continues to propel the UAE from strength to strength. He added that it underscores the UAE Government’s accurate estimation of current conditions and its capacity to anticipate future trends towards a more sustainable and progressive economy.

He said that the new 100 per cent ownership system for global investors will bolster the UAE’s image on the global investment map and major global firms will now be keen to set up branches in the country. He added that this strategic step would increase the inflow of foreign direct investments in the UAE, particularly key sectors that help boost trade and increase the number of projects and firms, which in turn will aid the prosperity of the business environment and the growth of the national economy.

He also highlighted that the UAE offers several investment-friendly advantages and incentives, whether it be in terms of strategic location, political security and stability, social and cultural openness, active economic policies, investor-friendly legislations, world-class infrastructure, professional and customized services and a global edge in terms of innovation and leadership in vital sectors such as trade, aviation, ports and logistics.

H.E. added: “Over the past years, these factors have succeeded in establishing UAE’s position as the first Arab country for attracting foreign investment. However, the new directives allowing 100 per cent ownership to foreign investors, the provision of 10-year visas for investors and their families and for those with advanced skills and expertise, represents a significant first step among many in developing a system of investment and development legislation in the country. It sends out a clear message that the UAE is one of the best destinations in the world for high-profile investors and investments, and also for innovators in various disciplines, all of which are pillars for building the economy of the future.”

H.E. pointed out that the long-term effect of these decisions would prove to be positive and strengthening for the economy because it would contribute to building human capital and nurturing national-level capacities and competencies. These landmark decisions would also help bolster innovation and creativity in the young generation, by allowing them to interact and associate with global talents and expertise, that will be attracted to this country, he said.

H.E. added that entrepreneurship, which was an important aspect in the sustainability and diversification of the economy, will be revitalized with this strategic decision as global investments and competencies in the medical, engineering and science sectors will create several opportunities for building productive partnerships and the transfer of knowledge, technology and best practices, for sustainable economic and social development.