Abu Dhabi: The UAE will “continue to pursue economic strategies and enhance enablers for working according to free-market mechanisms,” as part of its plan to increase national competitiveness through an open economy.

According to Sultan Bin Saeed Al Mansouri, the country’s Minister of Economy, the UAE is still working on a new foreign investment law that will allow for full or partial ownership of foreign investments in sectors that support economic diversification.

Addressing members of the World Trade Organisation (WTO) in Geneva regarding the issuance of private ownership, Al Mansouri presented the benefits and guarantees offered for foreign investments in UAE. He also cited the presence of more than 30 free trade zones within the country that allow 100 per cent ownership.

He pointed that more than 40,000 companies operate in these zones spread across the various emirates.

His comments came as the WTO concluded its third Trade Policy Review of the UAE recently, commending the role played by the UAE in global trade and its commitment to the principles of the multilateral trading system.

The organisation also praised the UAE’s adoption of economic policies for promoting efficient trade movement that have made the country an important global trade hub.