New laws to attract more investment

The Abu Dhabi government is currently working on several new laws to encourage investment. The laws include big incentives for investors in the light of the tough competition among countries to attract investments in the light of the global financial crisis, according to an official of the emirate.

Secretary of the Department of Planning and Economy Mohammed Omar Abdullah was speaking at a press conference in Abu Dhabi yesterday. Abdullah said the laws will provide the flexibility needed to attract as much investments as possible.

"The laws will also include incentives to encourage local, and not only foreign, investments."

Abdullah said the government gives priority to attraction of investments in all sectors related to the transfer of knowledge and uses of modern technology, adding that liquidity is not an obstacle.

He said there is a tendency at the moment to reduce reliance on labour-intensive sectors. Abdullah said Abu Dhabi seeks to achieve active and stable economic growth to consolidate non-oil resources and to give the private sector a big role to contribute to economic development and investment in various fields.

He further said his department will organise thr Abu Dhabi Economic Forum (March 2-3) to introduce Abu Dhabi government's economic and financial strategies and plans for the coming phase.

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