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The Foreign Direct Investment Committee held its second meeting in Dubai under the chairmanship of the Minister of the Economy, Sultan bin Saeed Al Mansouri, in the presence of its members representing a number of agencies. the Federal Government, the Ministry of Finance, the Central Bank, the Ministry of Foreign Affairs and the Securities Authority. Country.
The meeting reviewed the latest developments regarding the views of Commission members on a number of key business and economic sectors through which FDI flows to the state could be addressed. strengthened, and then considered the proposed list of sectors handed over to FDI in accordance with the provisions of the Foreign Direct Investment Act, with discussion of the controls and conditions required to prepare the FDI. adoption and start to apply in the business sector in different emirates of the state.
The Committee for Foreign Direct Investment, established by Federal Law No. 19 of 2018 on FDI, is responsible for drawing up the list of positive sectors available to foreign investors holding a 100% equity interest. add any sector or activity to the positive list and approve the applications for project preparation. In sectors not included in the positive list after review, and add any other benefit that may be granted to FDI projects.
The Minister of Economy, Sultan bin Saeed Al Mansouri, said that the United Arab Emirates is pursuing its distinguished efforts to develop their investment environment and enhance the incentives and benefits offered to foreign investors, which had helped to improve their status and attractiveness for regional and international investment, Legislation in this regard.
He emphasized that the Foreign Direct Investment Committee of the law is the national platform empowered to discuss and identify vital economic sectors that will be liberalized to foreign investment in line with the country's economic visions and development strategies and national efforts. to build a future economy based on knowledge, innovation, technology, research and development. Adding that the second meeting of the Committee had taken additional steps in the discussion and identification of these sectors and activities, with a view to their submission to the Council of Ministers for final discussion and accreditation in the near future.
During the meeting, they discussed and reviewed the main determinants of the development of the positive list of FDI-free sectors, namely integration with the vision and strategic plans of the State and its contribution to innovation, as well as promoting the transfer of knowledge and advanced technological methods to the country's business sector. To meet the development needs of different emirates of the country, strengthen international skills and expertise in vital areas of the country, provide employment opportunities and training to national cadres, as well as contribute to the realization of a high value-added to the state economy according to the best global practices.
The Committee also reviewed all the privileges and guarantees granted to foreign direct investment companies licensed in the UAE under the Foreign Direct Investment Law, which is intended to treat domestic companies and ensure net annual transfer without any restrictions or transfer of funds resulting from the liquidation or sale and to transfer unrestricted wages, salaries and rights of employees information and investment initiatives submitted to the competent authorities. The possibility of introducing new partners in the company and to transfer his property to a new investor, to amend the constitution and bylaws, to change their legal form, to merge or to acquire without undermine the privileges accorded to them, and to ensure that the project is not expropriated except in the public interest in return for fair compensation. Or restrict or restrict the right to use the real estate allocated to the project, and not seize or confiscate project funds if it is not in accordance with the provisions of the law, and grant the right to project projects. Foreign investments which retain all the advantages prescribed to them before the provisions of the Legislative Decree and the right to benefit from the project The conditions prescribed on condition of conciliation.
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