Picture used for illustrative purpose only.

Dubai Investment Development Agency (Dubai FDI), an agency of Dubai Economy, hosted a webinar in co-operation with KPMG LG.  Senior representatives from the public and private sectors updated foreign investors on the significance of the changes made recently in the federal Commercial Companies Law (Federal Law No. 2 of 2015, the ‘CCL’) at the webinar.

Held on July 12, 2021, the webinar titled ‘Federal Commercial Companies Law Updates’ was part of the Public-Private Connect (PPC) Programme series by Dubai FDI to promote engagement and partnership and update investors on Dubai’s business environment.

The UAE Ministry of Economy launched the federal Commercial Companies Law changes on the 1st of June 2021, allowing foreign investors and entrepreneurs to establish and fully own onshore companies. Speakers at the webinar provided information on the amendments, their benefits to existing businesses, and the vast opportunities for new investors.

Along with Dubai FDI, the webinar featured speakers from the UAE Ministry of Economy, the Business Registration & Licensing (BRL) Sector in Dubai Economy, and KPMG, who highlighted the measures being adopted by the UAE to enhance the position of the country as an attractive, investment-friendly destination for international corporations by enhancing its competitive edge.

Instituted more than 10 years ago, the PPC has emerged as a dynamic platform for the public and private sectors to engage, build partnerships, brainstorm, and network. The PPC has been fostering and sustaining connections between federal and local government entities and private sector stakeholders, including Q&A sessions with key representatives from the government. Fahad Al Gergawi, CEO of Dubai FDI, said: “The PPC is a platform for information sharing and cooperation while highlighting the various initiatives that promote investments while protecting investors. Regular, sustained conversation with stakeholders is part of Dubai FDI’s strategy to further consolidate Dubai’s position as a growth hub for businesses worldwide. This continuing engagement has enabled Dubai and the UAE to enhance the contribution of private sector companies to development and enable informed decision-making in line with the strategic goals of the UAE.

Attendance by leading multinationals and other stakeholders in the webinar confirms the interest of the investor community in Dubai’s ability to facilitate a smooth investment journey, which is reflected in the emirate being a preferred FDI destination globally.”

Hind Al-Youha, Director of the Investment and Talent Attraction Department at the Ministry of Economy, stressed that the amended Commercial Companies Law represents a quantum leap in developing the investment environment in a way that enhances the regional and international position of the UAE as a hub for investment and trade.