Business | Economy
Ministry registers 18 more companies
The UAE Ministry of Economy yesterday said 18 private stock companies, established in 2007 with a combined capital value of Dh6.4 billion, have registered with it.
- Staff Report
- Published: 23:41 February 5, 2008
Dubai: The UAE Ministry of Economy yesterday said 18 private stock companies, established in 2007 with a combined capital value of Dh6.4 billion, have registered with it.
That brings the total number of companies registered with the ministry to 99, with a combined capital of Dh27.2 billion.
The ministry is also coordinating with the public and private sectors on the final stages of the drafting of the Companies Law. The proposed law is expected to maintain a favourable investment environment and enhance foreign investment inflow.
The ministry said 296 foreign corporations were licensed to operate in the UAE in 2007, up from 254 in 2006, raising the total number of registered foreign companies to 2,515.
"The figures reflect ministry-led efforts to enhance the UAE's economic performance through the modernisation of laws and regulations governing the national business sector," a statement said.
Such initiatives are aimed at complementing the country's rapid economic growth and its highly competitive status in the regional and global levels, particularly through the encouragement of foreign investments.
Hamid Bin Butti Al Mahiri, the Assistant Undersecretary for Corporate and Supervision Affairs, said the ministry has recently made important decisions related to stock companies, which are helping promote the role of the private sector in the national economy and strengthening the country's financial markets.
Al Mahiri said the ministry is accelerating the drafting of the new Competition Law and the introduction of the Foreign Investment Law.
The country welcomed 39 new joint-stock companies with a combined capital value of around Dh24 million and witnessed a total capital increase of approximately Dh17 billion in 2006.
The figures reflect ministry-led efforts to enhance the UAE's economic performance through the modernisation of laws and regulations governing the national business sector."
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