Statement of H.E. Saif Mohamed Al Hajeri, Chairman of Abu Dhabi Department of Economic Development (ADDED)

H.E Saif Mohamed Al Hajeri, Chairman of Abu Dhabi Department of Economic Development (ADDED), revealed that the UAE Cabinet's recent decision to offer 100 per cent foreign ownership across 122 permitted economic activities demonstrates the country's enthusiasm to become a significant player in the global economy. The move, as he points out, will help in the continuing efforts to create a extremely conducive business environment for non-oil economic sections, which has now become keen on attracting the entry of more foreign direct investments (FDI) - falling in line with the UAE's growth development approaches.

H.E. enlightened that the UAE government's decision follows after the directives and policies issued by the country's wise leadership to strengthen efforts in achieving total sustainable development and forging highly strategic and beneficial partnerships with the private sector.

Al Hajeri expressed confidence in the Abu Dhabi government's ongoing efforts to facilitate better and smoother business processes among strategic sectors like agriculture, manufacturing, renewable energy, e-commerce and technology - all of them key players in the move to enhance Abu Dhabi's competitiveness among other global economies.

The decision to offer 100 percent foreign ownership is only one of the many incentives that the UAE has developed to help drive in more foreign direct investments into the country which in turn will improve the local economy permitting for key diversification and openness. We trust that this move will bring about a positive influence on the local federal economy and serve as a catalyst for the growth process. It will play a vital role in enhancing the ease-of-doing business process as well as promoting the UAEs position as a favourite destination for investment and establishing new businesses, concluded Al Hajeri.