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UAE working on laws to boost non-oil sector contribution to 80%

Staff Writer |
The Ministry of Economy is working on a number of laws to help increase productivity of the economy and boost the contribution of the non-oil sector to 80 percent by 2021 from around 70 percent now.

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Sultan Al Mansouri, the Minister of Economy told The National in an exclusive interview, WAM agency reports.

The draft investment law, which includes foreign direct investment, has been completed and has been submitted to legislative bodies for approval, Mr Al Mansouri said.

Other laws that the ministry is working on include industry regulation law, regulation and protection of industrial property patents and industrial designs law, commercial transactions law and arbitration law, the minister added.

All these laws are part of efforts to further diversify the country’s economy, improve the investment climate and boost business competitiveness, the minister said. Diversification of income is gaining pace, with the UAE spending Dh300 billion on about 100 initiatives covering health and education, energy, transport, water and technology to help prepare the UAE for the post-oil phase of the economy.


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