Guildhall Curated News –
The UAE is working on a legislation to include 10 new sectors under its commercial companies’ law, which allows for 100 per cent ownership of onshore entities in the country, a senior government official.
The legislation will enable investors and businesses in 10 new sectors of strategic importance to come under the purview of the law, undersecretary of the Ministry of Economy for Foreign Trade and Industry Abdullah Al Saleh said.
He was speaking at the Sharjah Economic Ramadan Majlis organised by the Sharjah Investment and Development Authority (Shurooq), according to a statement on Saturday.
“Chemical, petrochemical, pharmaceutical, defence and heavy industries; the national food and healthcare security industries; and industries of the future, including space and renewable energy among others” will be added to the law, said Omar Al Suwaidi, undersecretary of the ministry of industry and advanced technology, said.
These industries will be prioritised under the UAE’s 10-year plan to expand the contribution of the industrial sector to Dh300 billion by 2031 from Dh133bn presently.
The ministry of industry and advanced technology has been tasked with rolling out programmes and initiatives that will support 13,500 industrial small and medium sized enterprises in the UAE.
“A new industrial law will soon come into force and will be instrumental to promoting a conducive environment for industry in the UAE,” Mr Al Suwaidi said.
A delegation from the ministry, which was established in July 2020, visited Ras Al Khaimah, Sharjah and Ajman chambers of commerce to present Operation 300bn.
The visits were in line with the ministry’s mandate to “explore opportunities for boosting co-operation” with various stakeholders to achieve the goals of the national strategy for industry and advanced technology, it said on Saturday.
The ministry is also working to resolve financial issues faced by start-ups in order to “boost their performance”, he said.
The country is also planning to launch a programme to support locally-made products.
“A National Added Value Programme will be launched soon to support national products, enhance their competitiveness and find new markets for them.”
Some of the legislations to the UAE’s companies law will be “enacted soon” and will increase the competitiveness of the country for both local and international investors in advancing business performance.
The changes to legislation is “not the outcome of a crisis”, he stressed but was part of a long-standing vision for the UAE’s economic future, undertaken collaboratively by federal, local and private sector stakeholders.
In 2018, the UAE announced a ‘positive list’ of 122 economic activities in which foreign commercial entities could have 100 per cent ownership.
The ministry of economy will also announce a “a comprehensive strategy” to attract talent from around the region, Mr Al Suwaidi said.