UAE for stronger transparency

The UAE is working to improve governance and transparency in all its sectors within overall restructuring plans intended to lure in more capital, the Minister of Economy was reported on Tuesday as saying.

Sutlan Al Mansouri said such plans had been prompted by the fact that the UAE is one of the largest foreign capital destinations in the region and a key base for international companies seeking to embark on business through the region.

Addressing a business conference in the Capital on Monday, Mansouri said he expected the country’s nominal GDP to surpass Dhone trillion this year to maintain its position as the second largest Arab economy.
His address was read by Mohammed al Shihi, the Ministry’s Director General, and the text was published in local Arab language dailies on Tuesday.

“The UAE is working to upgrade governance and transparency in all economic sectors…in this regard, the UAE government is following all regional initiatives aimed at strengthening governance and transparency in the financial sector and in government establishments,” he said.

“The Ministry is working on a set of legislations that will support development , transparency and investors’ confidence…these include the foreign investment law and laws relating to companies and arbitration.

He said the Ministry had been locked in talks with the private sector on restructuring priorities and best means to attract capital. “We want to encourage the private sector to join the Ministry in preparing draft laws,” he said.

His figures showed the UAE is already the largest foreign direct investment (FDI) destination in the region after Saudi Arabia, attracting around $73.4 billion over the past two decades. The UAE has also emerged as one of the best places in the world for doing business, he added.

Mansouri expected the UAE’s nominal GDP to grow by around 2.5 per cent to exceed Dhone trillion this year and allow the UAE to maintain its position as the largest Arab economy after Saudi Arabia. “The non-oil sector accounted for nearly 71 per cent of the GDP last year and this shows that the UAE is one of the regional leaders in economic diversification,” he said.