UAE business reforms are ‘game-changing’ for its intl competitive advantage

Posted on December 2, 2020 · 2 min read

UAE business reforms are ‘game-changing’ for its intl competitive advantage - Featured Image | MEA Markets
Share this article

Landmark business reforms in the United Arab Emirates (UAE) will prompt an “unprecedented explosion” of foreign direct investment in Dubai and Abu Dhabi and will cement their growing status as major international financial centres.
 
The bold prediction is from Nigel Green, the founder and CEO of deVere Group, one of the world’s largest independent financial advisory and fintech organisations.
 
It follows His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, announcing on Monday amendments to the law regarding business ownership.
 
Under the new legislation, the UAE will allow 100% ownership of businesses for foreign nationals from December 1, 2020. Previously, all businesses were required to have a UAE citizen sponsor.
 
Mr Green notes: “Dubai and Abu Dhabi are already recognised as two of the most powerful business and financial hubs in the world by international investors who are lured by the incredible possibilities offered in terms of finance, trade and commerce, plus the famous ‘can do’ attitude and the low tax environment in these destinations.
 
“This appeal has just sky-rocketed further due to the reform of the business ownership law, which now permits businesses to be fully owned by foreign nationals.
 
“We can now expect an unprecedented explosion of foreign direct investment in Dubai and Abu Dhabi and they will further cement their growing status as major international financial centres.”
 
He continues: “This is especially the case after the UAE government in September changed legislation so that expatriates are now legally able to remain in the country long after they retire.”
 
Earlier this year, the deVere CEO said that over the next decade, the UAE will  become one of the world’s top ten international financial hubs to rival and more aggressively compete with stalwarts such as London, New York and Hong Kong.”
 
He noted: “Dubai and Abu Dhabi are helped in this regard by having an independent regulator, an independent judicial system, a global financial exchange, a stable, pro-business government, a high proposition of high net worth individuals, a dynamic business community, world-class infrastructure and telecommunications, English as its defacto business language, and their enviable geographical location and time zone.”
 
During the height of the pandemic deVere announced it is to develop a major digital finance and fintech operation from its Dubai base.
 
Mr Green concludes: “This reform has just significantly boosted the UAE’s already substantial competitive advantage.  This is a game-changer.”

You might also like

Looking for more? Gain deeper insights with these recommended articles, selected to provide further value.

February 28, 2023 What Namibia can learn from Qatar on Gas Development and Monetization

Namibia will quickly need to learn how to effectively maximize the value of its hydrocarbon resources, and, Namibian Minister of Mines and Energy Tom Alweendo said some of those lessons will come from Qatar. Namibia also has expressed interest in ...

July 25, 2024 How Bitcoin is Transforming Business in the MEA

Introduction: The Rise of Bitcoin in Emerging MarketsOver the last few years, Bitcoin has rapidly increased in popularity and adoption, greatly affecting different business landscapes around the world. Adopting Bitcoin within Middle Eastern and Af...

November 17, 2022 Hilton Looks Ahead and Identifies Key Travel Trends for 2023, As a Record Year of Travel Draws to a Close

New research shows that UAE travellers seek personalised experiences, health and wellness, and deeper connections to local communities and cultures in 2023

Join our newsletter.

Gain Access To Exclusive Content

Stay Updated With The Latest News

It's Free To Subscribe

By signing up, you agree to receive marketing emails.

Join our newsletter box - side image
Trusted by the best teams around the world