The photo has been used for illustrative purpose.

Inayat-ur-Rahman, Business Editor

The 100 per cent foreign ownership in the UAE is indeed a great step forward among a series of other reforms that the UAE has boldly undertaken over the years to increase cost competitiveness.

The initiatives towards businesses like Golden Visa and tax-friendly policy in place — will surely improve investor confidence. Certainly, UAE is one of the best places to do business today.

This was stated by Muhammad Adil Mirza, CEO of Dubai-based Phoenix Group of Companies, during an exclusive interview with Gulf Today.

He mentioned that the move would further boost the UAE’s appeal as an attractive destination for foreign investors, entrepreneurs and talents. It will further strengthen the country’s position as an international economic centre and encourage the flow of investments to the country’s vital economic sectors.

Muhammad Adil Mirza.

“The changes are part of a series of measures introduced to make the UAE a more investment-friendly destination, which have also included the offer of 10-year visas for investors and citizenship for Investors and talented professionals.”

“The easing of rules will help to bring more consumers into the stores as people are now quite confident in the way the UAE government has handled the pandemic in a very organised & efficient manner,” he added.

“All eyes will be on the UAE for Expo 2020, and we are pleased to be a part of the world’s most important exhibition. It is a perfect platform for bringing investment opportunities into the country and will undoubtedly boost the country’s economy in all sectors.”

“The event has and will continue to create thousands of new jobs and increase demand for not only the real estate industry but also hospitality, tourism, retail, education, technology, and healthcare,” Phoenix Group, CEO added.

“The entire world is reeling under the disastrous consequences of the COVID-19 pandemic and Dubai sees a huge opportunity during this crisis to make Dubai as the most attractive destination for doing business.”

He disclosed that Phoenix Group of Companies is on solid growth trajectory and is marching ahead despite the worst global COVID-19 pandemic, adding that they are also planning to enter new markets, which are untapped.

Muhammad Adil Mirza is a businessman in the UAE and has received a 10-year Golden Visa from the government in 2019.