UAE investment law to boost GDP

The upcoming release of UAE Investment Law by the end of this year is expected toboost the UAE's Gross Domestic Product (GDP) between three to four per cent,according to Sultan Al Mansouri, UAE Minister of Economy.On the sidelines of the Annual Investment Meeting 2014, Al Mansouri told Gulf Newsthat the new law will enhance the overall investment and business environmentacross the UAE."Major changes have been made in the new version of the Investment Law which willhelp the UAE markets become more favourable for foreigninvestments in mostnon-oil sectors, especially tourism, real estate and financial sectors,” Al Mansourisaid.To boost the overall business environment, the UAE government intends to upgradeits legal infrastructure by revising tens of laws and regulations including a companylaw, an investment law, a bankruptcy law, a competitiveness law, an arbitration Law, and an intellectual property law, among others. ?"Upgrading the legal infrastructure in the UAE is needed to cope with the currenteconomic situation and to stand up to the market challenges according to thefundamentals of justice,” he added. "Upgrading the legal infrastructure in the UAE isneeded to cope with the current economic situation and to stand up to the marketchallenges according to the fundamentals of justice,” he added. . Source: Gulf News