ZonesCorp to introduce new regulations soon

Abu Dhabi: The Higher Corporation for Specialised Economic Zones of Abu Dhabi (ZonesCorp) will soon introduce new regulations to attract foreign direct investment, according to a senior official.

ZonesCorp was established in May 2006 at Al Ain Industrial City to develop strategic industries and promote industrial development through specialised projects located in the dedicated economic zones.

"The regulations are now in the final stage, and they are mostly related to encouraging investment in Abu Dhabi's specialised economic zones, including some incentives to attract foreign direct investment," Zonescorp chief executive officer Jaber Hareb Al Khaili told Gulf News.

"Foreign ownership for some of the industries that require foreign investment will be allowed to depart from the pattern of 51 to 49 per cent local and foreign stakeholdings," he said.

Initiative

The regulations are part of the emirate's endeavours to enhance the investment environment to increase and support the participation of the private sector in the implementation of the government's agenda.

"The total investment at the Higher Corporation for Specialised Economic Zones of Abu Dhabi (Zonescorp) will reach Dh30 billion by 2010, and we will announce more projects in 2008," Al Khaili said.

"The privatisation drive includes strategic industries that play a crucial role in the development of Abu Dhabi, and a balance between foreign and local ownership is necessary to attract capital for those projects that need foreign investment," he said.