Business | General
New UAE companies law comes into force in June
The new UAE companies law, that is expected to allow 100 per cent foreign ownership of companies, will come into force in June this year, said a top official.
- By Saifur Rahman, Staff Reporter
- Published: 00:00 February 26, 2006
Dubai: The new UAE companies law, that is expected to allow 100 per cent foreign ownership of companies, will come into force in June this year, said a top official.
"The draft is now being considered by the seven emirates and is now in the final stage. We are very positive about it," Khalid Al Malik, chief executive of Dubai Industrial City (DIC), told the British Business Group yesterday.
He said the regulations had been formulated in anticipation of the new UAE companies law that was expected to come into force by next June and would allow 100 per cent foreign ownership.
More than 50 companies have signed up to buy land in Dubai Industrial City, the new manufacturing zone being built in Jebel Ali, Malik said.
DIC, a member of Dubai Holding, was set up last year to attract investment in the manufacturing sector.
The industrial city will be spread over 55 square kilometres and is being built alongside the new Arabian Canal extending from the Dubai Waterfront. Jebel Ali Port and the new Jebel Ali Airport are ten minutes from the area that will create the world's largest integrated logistics centre.
The self-contained city has been planned for a population of 550,000. Work is well advanced on the site next to Emirates Road. Together with the 140-square kilometre Jebel Ali Airport City which will house 750,000 residents, it will cater to a population of 1.3 million more than the current population of Dubai.
"Companies will begin constructing their plants within a few months and the City's first phase will be completed by the second quarter of 2007," he told British businessmen.
He said that DIC would provide a one-stop service for investors, dealing with all administrative matters with government departments.
It will establish a human resources centre that will recruit labourers from the MENA and Asia Pacific regions and they will be housed in an area that will be provided with shops, entertainment and other facilities.
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