The country is on the final stages of drafting its long-awaited law that would allow foreign investors to have 100% ownership in projects.
Sultan bin Saeed al Mansouri also told Arabic daily that it has overcome more than ?95 percent? of the effects of the 2008 global fiscal distress and is set to become stronger than before the crisis.
?We have finished drafting the new investment law but there is one item that needs to be agreed on?the rift is that who will sign foreign investment agreements?the ministry of economy or the ministry of finance?….we have referred this issue to legal parties which are now studying it,? he said.
?We are awaiting a response from those parties so the law will be presented to the competent authorities for endorsement?.I would like to point out that we have no problem as to who will sign investment agreements, be it the ministry of economy or the finance, but we believe in the need for coordination and distribution of powers in this respect for both parties.?
The proposal will be now presented to the federal cabinet to reach upon a percentage allowed by foreign investors in projects in the country. However, it is learnt that the percentage would vary depending on the type of investment and size of the project.