Abu Dhabi plans to set up a dedicated agency to attract foreign investors, according to Mohamed Omar Abdullah, undersecretary of the emirate’s department of economic development

“In line with our five-year strategic plan, the department is working towards setting up a dedicated investment agency to serve the needs of international investors,” Abdullah said at a conference on 23 March.

The new agency will begin operations by the end of 2010 and will identify key areas of opportunity for attracting investment.

“International investors have a crucial role to play in bringing in expertise, technology and best global practices,” he added.   

The Ministry of Economy is working on the final draft of a new UAE companies law which is expected to be implemented this year, Abdullah said. The law is aimed at increasing international investment by relaxing foreign ownership rules.

Under current regulations, business owners from all nationalities outside the GCC must have a local majority partner. Exceptions apply in certain free zones where 100 per cent foreign ownership is allowed.