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UAE provides rich investment environment: UAE Economy Minister

posted on 11/09/2007: 507 views



Russian President Vladimir Putin's visit to the UAE is set to boost to further advance the UAE-Russia bilateral relations at various levels, stressed UAE Minister of Economy Sheikh Lubna Al Qasimi."Despite a trade exchange in excess of US$ 3.5 billion between the UAE and Russia, we aspire to further boost trade and advance economic and trade relations to the highest levels", Al Qasimi said.

Speaking at an interview yesterday with Russia's Vesti Television, Al Qasimi said "Although the UAE is an oil producing country and has huge, it has a non-oil economy where non-oil sectors account for more than 62.5% of the country's Gross National Product (GDP)".

"This reflects the economic diversification policy adopted by the UAE", she said adding that the UAE possesses promising huge export potentials and is focusing on investment in several promising sectors such as tourism, industry and real estate." "This results in huge investment opportunities,” Sheikha Lubna said stressing that investments should be encouraged at a time when existing economic diversification opens avenues of cooperation and contribute to the presence of Russian companies in the UAE.

She underscored the significance of exchanging visits, exploring potential investment and maintaining contact among UAE and Russian businessmen to acquaint themselves with investment opportunities and therefore add momentum to the UAE-Russia relations.

"The UAE has achieved high levels of transparency and economic diversity which contributed to boosting the flow of foreign direct investments (FDI) into the UAE up to US$12.6 billion last year", she remarked. "Had the government not been interested and directly involved in creating the infrastructure in the UAE and enacting suitable legislations, there would have been no chance to attract foreign investments", she said.

"The UAE is working to encourage foreign investments alongside the local investments and the Ministry of Economy is working on a unified law on foreign investments", she remarked adding that the UAE and Russia signed agreements on protecting foreign investments and double-taxing to overcome barriers to boosting economic and investment cooperation as well as attracting more Russian investments to the UAE.

Noting that the Russian community's huge investments in the UAE real estate sector were boosted after the UAE had enacted law on foreign. Ownership of real estates, Al Qasimi said foreign investments and purchases of real estates in the UAE is relatively encouraging and effective laws in each emirate encourage investors to buy real estates, protect their rights to eventually contribute to the economic activity.

"Had the UAE investment laws not been encouraging, there would not have been a large number of investors and there this increase in FDI would not have taken place", she stressed.

Speaking on the UAE's interest in attracting more Russian tourists, Al Qasimi said since tourism is one of the main sectors of the UAE economy, the government has laid out plans for summer and winter programmes and hundreds of exhibitions, conferences and events.

"With a population of around 4 million people, the UAE receives more than 8 million tourists yearly. This notable success has accounted for boosting revenues of such vital sector away from oil reflecting positively on the UAE economic diversification policy in place for decades." The number of Russian tourist to the UAE went up to half a million, Al Qasimi said adding that the friendly relations between Russians and Arabs account for attracting more Russian tourists to the country. (Emirates News Agency, WAM)

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