UAE registers 18 private stock companies, 296 foreign corporations in 2007

The UAE Ministry of Economy (MoE) reported that 18 private stock companies were established in 2007 with a combined capital value of AED 6.4 bln USD 1,74 bln), bringing the total number of MoE-registered stock companies to 99, with a combined capital of AED 27.2 bln (USD 7.41 bln).

The MoE also confirmed that 296 foreign corporations were licensed to operate in the UAE in 2007, up from 254 in 2006, raising the total number of MoE-registered foreign companies to 2,515.

The figures reflect efforts to enhance the UAE’s economic performance through the modernization of laws and regulations governing the national business sector aimed at complementing the country’s rapid economic growth and its highly competitive status in the regional and global levels, particularly through the encouragement of foreign investments.

Hamid bin Butti Al Mahiri, MoE Assistant Undersecretary for Corporate and Supervision Affairs, said that the Ministry has made important decisions related to stock companies which are helping promote the role of the private sector in the national economy and strengthening the country’s financial markets.

Al Mahiri also highlighted the aggressive efforts to maintain the flow of economic activities to keep pace with rapid development, such as the drafting of the new Competition Law and the introduction of the Foreign Investment Law. The Ministry is also closely coordinating with the public and private sectors on the final stages of the drafting of the Companies Law. The proposed law is expected to maintain a favorable investment environment and enhance foreign investment inflow.

Al Mahiri added that the Ministry is poised to issue an arbitration law for private companies to strengthen administrative rules. The new rules would improve corporate management while ensuring transparency in transactions.