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Dubai to boost flagging economy by welcoming foreign investors
| Published: | 30 Jan at 6 PM |
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In a bid to boost its flagging economic performance, Dubai is planning to offer new lures to foreign investors.
Major changes to the requirements and red tape at present in place for those who wish to start a business in Dubai are part of a push by the government to attract foreign money into the country. Potential investors will no longer have to partner with a Dubai national, but will be able to start a business with any national of the Gulf Co-operative Region (GCR).
Another advantage of the new blueprint is that investors from the rest of the United Arab Emirates and Saudi Arabia would be able to link with a foreign business and trade in Dubai. The Department of Economical Development is at present considering how the new rule is to be implemented and have been asked to evaluate its contribution to Dubai’s shaky economy.
Dubai is keen on attracting foreign investment and capital in order to reverse the effects of the corporate debt crisis and the collapse of its property market. Services, industry and tourism are being targeting for potential development, although investors without a Dubai national as a partner holding the majority share will need a minimum of £1.7 million before being allowed to go ahead.
Meanwhile, the emirate is increasing its efforts to become a world hub for Islamic banking and finance, thus expanding on its position as the major provider of such services in the region. Although the global business done by mainstream financial centres is massive, Islamic banking is a rapidly growing sector for its bans on financial speculation and the charging of interest on loans.
Major changes to the requirements and red tape at present in place for those who wish to start a business in Dubai are part of a push by the government to attract foreign money into the country. Potential investors will no longer have to partner with a Dubai national, but will be able to start a business with any national of the Gulf Co-operative Region (GCR).
Another advantage of the new blueprint is that investors from the rest of the United Arab Emirates and Saudi Arabia would be able to link with a foreign business and trade in Dubai. The Department of Economical Development is at present considering how the new rule is to be implemented and have been asked to evaluate its contribution to Dubai’s shaky economy.
Dubai is keen on attracting foreign investment and capital in order to reverse the effects of the corporate debt crisis and the collapse of its property market. Services, industry and tourism are being targeting for potential development, although investors without a Dubai national as a partner holding the majority share will need a minimum of £1.7 million before being allowed to go ahead.
Meanwhile, the emirate is increasing its efforts to become a world hub for Islamic banking and finance, thus expanding on its position as the major provider of such services in the region. Although the global business done by mainstream financial centres is massive, Islamic banking is a rapidly growing sector for its bans on financial speculation and the charging of interest on loans.
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