New laws and updated regulations are nearly ready in the UAE and are designed to raise confidence for investing in the Kingdom’s economy, as stated by Sultan Bin Saeed Al Mansouri, the Minister of Economy.
The finishing touches are being put on a group of laws that reach companies and auditors, including competition and anti-fraud laws, certificate of origin and foreign investment regulations, industry and industry ownership and a drafted arbitration law. This was stated by Al Mansouri and reported by Bloomberg.
The gross domestic product (GDP) of the UAE has a projected growth of around 2.25 per cent during this year of recovery from the widespread economic crisis, according to Al Mansouri.
The minister compared the conditions to fair skies after the dark clouds of worldwide financial crisis and noted that fresh green growth can be found all around with a generally positive stance. He noted at a meeting put on by the Dubai Chamber of Commerce that real GDP for 2010 was estimated to grow between 0.6 and 3.2 per cent, creating an average estimation of 2.25 per cent growth.
Inflation was extremely low in the first six months of this year, averaging at only 0.43 per cent, compared to around 15 per cent inflation that was recorded during the booming time around 2007.
Al Mansouri stated that the UAE government’s fast intervention likely saved the nation from the being hit even harder during the economic crisis.
He credits both an inherently strong national economy and the country’s determination, as well as the government’s swift actions for the UAE’s progress despite the damage done in the world’s leading economies.
Al Mansouri noted that the UAE led the way globally by reassuring investors and business with secured deposits and pumping the banking industry with liquidity, as well as taking the necessary steps to fill in gaps found in the legal framework of the nation.
Non oil exports over the period between February and July hit AED31 billion, while re-exports were AED62 billion and imports were AED189 billion in the same period.
As the crisis hit, Al Mansouri said that many nations stopped and changed gears to fight the fires with their doors closed for protection. The UAE, on the other hand, saw opportunities within the crisis and took hold of them, emerging in a position of strength.Paul Holdsworth, Staff Writer, Gulf Jobs Market News