Page 5 - Al Tijarah - June 2021
P. 5

role of industry strategy and business law
         in developing the national economy system
         and enhancing its competitiveness", with
         the participation of high-level government
         officials, ambassadors and consuls, and a                                                              50
         group  of economists, businessmen and

         The Council reviewed the importance of
         legislation and initiatives launched by the
         Government during the recent period to
         provide a supportive environment for local
         and international investors, and contribute                                                            SHARJAH ACTIVITIES
         to  strengthening the productive  base of
         the national economy. The Council also
         addressed the most important of these
         initiatives such as the National Strategy
         for  Industry  and Advanced Technology,
         amendments allowing  the granting  of
         citizenship and UAE passport to investors
         and entrepreneurs and amendments
         to  the Business Companies Act, which
         allowed foreign entrepreneurs and
         investors to establish and own companies
         without the need to require a particular
         nationality while  abolishing  the  need  to
         have a citizen agent along with initiatives
         related to  the development of  a virtual
         work  permit,  long-term residence, gold
         residence and multi-entry tourist visas for
         all nationalities.

         Abdullah Al Saleh, Undersecretary of
         the  Ministry of Economy for Foreign
         Trade and Industry  Affairs, said that
         the recent amendments made by the
         UAE government to the Commercial
         Companies Act  granted  the foreign
         investor a 100%  ownership and
         investment in all economic sectors except
         for some activities  of strategic impact,
         pointing out that the  Cabinet will soon
         issue a list of these sectors and areas and
         requirements to work in them.

         Al Saleh stressed that  the  future will
         depend primarily on attracting innovative   pointing out that there are initiatives to   through an integrated system  to be
         minds that  are the main drivers of  the   attract innovators, inventors and talents   announced  successively  in the coming
         future  of the economies of  countries,   from different countries of the world   months."
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