The Dubai Chamber of Commerce and Industry has welcomed UAE's plan to allow 100 per cent foreign ownership of firms and issue 10-year visas for foreign investors.

The plan was discussed at a recent meeting, held at Dubai Chamber's headquarters, where board members discussed strategic decisions, initiatives and efforts aimed at attracting foreign investment to the UAE, and also aimed at enhancing the competitiveness of Dubai’s private sector, said a statement.

The meeting, chaired by Dubai Chamber chairman Majid Saif Al Ghurair, focused on major initiatives which were recently announced by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, including the Dubai economic stimulus plans and the decisions to allow 100 per cent foreign investment in the UAE and issue 10-year visas for foreign investors, it said.

During the meeting, the board praised these efforts and described them as important developments that will strengthen Dubai’s appeal as a global business hub, and attract top talent, valuable expertise and innovative companies from around the world, it added.

Board members expressed their confidence in the UAE’s wise leadership and discussed new ways to facilitate public-private partnerships to stimulate economic growth.  

The forward-looking vision of HH Sheikh Mohammed has elevated Dubai’s status as a global business and investment hub, the board explained, adding that the Dubai Plan 2021 and the UAE Centennial 2071 will pave the way for sustainable growth and a more diversified economy.

For his part, Al Ghurair expressed his gratitude for the continued support of HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and chairman of the Dubai Executive Council.

He noted that HH Sheikh Hamdan’s recent visit to the chamber and his directives to accelerate the implementation of the newly-introduced initiatives reflect the government’s strong commitment to stimulating Dubai’s economic growth and enhancing the competitiveness of its business community.

Al Ghurair said: “The Dubai Executive Council plays a crucial role in facilitating trade and commerce and promoting Dubai as an attractive business destination.”

“Dubai Chamber’s strategic partnership with the Dubai Executive Council has enhanced our efforts to support the objectives of the Dubai Plan 2021 which aim to position the emirate as a preferred investment hub and world leader in ease of doing business,” he said.

The board emphasised the key role of Dubai Chamber in facilitating public-private partnerships and bringing recommendations from the business community to concerned government entities, and added that such efforts support the objectives of the Dubai Plan 2021 and the UAE Centennial 2071.

The newly-introduced measures by the government come a time when the UAE is celebrating Year of Zayed, the board noted, reflecting on legacy of the late Sheikh Zayed bin Sultan Al Nahyan, the nation’s Founding Father who laid a solid foundation for the UAE’s remarkable economic and social progress.

In addition, the board reviewed other initiatives being developed by the chamber, including a new index which will aim to enhance transparency and competitiveness within Dubai’s retail sector, while members highlighted the need for businesses in Dubai to adopt more innovation-focused initiatives and strategies to stay competitive and meet the evolving needs of their customers, it stated. – TradeArabia News Service