UAE to relax foreign investment regulations
The United Arab Emirates' (UAE's) economic ministry has said that new laws that will make it easier for foreign investors to invest in the country could be ready within a year, according to a new report.
Legislators intend to clarify investment law in the state, which can be a complex affair since regulations and standards vary between each emirate, the Khaleej Times reports.
Aref Al Farra, an economic adviser to the ministry, told the newspaper that the government intends to offer investors a "standard law" and a "common denominator" for the emirates.
"The law is not only about procedures but also about providing transparency. When he or she comes to invest in the UAE they need one law instead of the myriad of laws and regulations, which might be confusing," he explained.
Furthermore, alterations to the forthcoming competition laws will also prove to be a boon to investors, being based on anti-trust laws from the US and other countries with developed corporate legal systems, Mr Al Farra noted.
Earlier this month, the UAE's economic ministry reported strong economic growth of 8.9 per cent, thanks partly to increased oil revenues.
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