President of United Arab Emirates issues decree on "foreign direct investment"

The President of the United Arab Emirates, Sheikh Khalifa Bin Zayed Al Nahyan, issued a decree on foreign direct investment (FDI) aimed at developing the investment environment and promoting FDI.

The law states:

– A unit called "Foreign Direct Investment Unit" will be created within the Ministry of Economy. It will be responsible for proposing policies on foreign direct investment in the state, defining its priorities, plans and related programs, as well as applying them after presenting them to the Committee and approved by the Council. ministers.

The Unit is responsible for establishing a comprehensive database of data and information on investments in the state, including data on existing FDI projects, and putting them in place. periodically..

– The unit is designed to create an attractive environment for foreign direct investment and seeks to facilitate registration and licensing procedures for foreign direct investment projects as well as monitoring, monitoring and evaluation of their performance in foreign direct investment projects. the country..

– Approved foreign investment companies treat the treatment of domestic companies to the extent permitted by the laws of the state and the international conventions to which the state is a party.

– The licensing authority and the competent authority determine, in accordance with its competence, the conditions and procedures for the establishment and authorization of FDI projects listed on the positive list. as well as the documents required in accordance with the provisions of this decree by the law and the legislation in force in the state and the local legislation in force in the emirate concerned. In addition to a number of requirements for the licensing of foreign investment projects.

– Foreign direct investment projects existing before the entry into force of the provisions of this Decree-Law shall retain all the privileges prescribed by them in accordance with the laws, agreements and contracts resulting therefrom within the period specified by these laws and agreements..

The decree aims to increase the flow of foreign direct investment in priority sectors in order to achieve balanced and sustainable development, create jobs in various fields, optimize the return on available resources and provide high added value. to the country's economy..