'UAE returning to growth'

The UAE has passed through the toughest part of the global financial crisis with the least possible losses, according to Minister of Foreign Trade Sheikha Lubna Al Qasimi.

She told the second UAE-Spain Investment Conference in the capital that the country has now entered a phase where its economic and production activities were reviving. "The UAE economy has recovered and we are returning to growth," she said.

Sheikha Lubna said the $1.44 billion (Dh5.3bn) non-oil trade between the UAE and Spain did not fully reflect the strong ties between the two countries. The UAE aims to boost trade with Spain, whose gross domestic product is worth €1.13 trillion (Dh6.2trn).

She highlighted the importance of new laws and decisions, including amendments to the company law that waived the minimum capital requirement for setting up companies.

"The legislation will give a strong push to foreign investments," she said. "The UAE offers opportunities to foreign investors in free zones as well as privileges and – most importantly – the freedom to transfer 100 per cent of profits out of the country. Also there are no taxes in the UAE."

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