Foreign direct investment flows into Dubai are set to double from their current levels by the year 2010, according to the Dubai Development and Investment Authority (DDIA).
Last year, foreign direct investment into Dubai reached $2 billion, half of which can be attributed to investment into the Dubailand and Dubai Healthcare City projects. By 2010, the DDIA forecasts that these inflows will have reached Dh15 billion, or more than $4 billion.
A catalyst that is likely to contribute towards the rising levels of FDI in Dubai is the new company law, which is currently being reviewed by the United Arab Emirates government. One of the major changes expected before the end of the year is the easing of restrictions on foreign ownership outside of the special economic zones.
At present, firms operating outside of the zones are only permitted foreign ownership up to a 49% stake, while firms inside the special zones are permitted 100% foreign ownership.
However, outlining the government's plans on company law recently, Shaikha Lubna Al Qasimi, Minister of Economy and Planning, indicated that this situation would soon change.
“The present 49:51 equation between foreign and local ownership in the existing company law will change in favour of foreign ownership," she stated.
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