As connections between the two nations develop, the UAE has Invited French firms to explore investment potential, particularly in the country's new economy sectors. The decision was made during a meeting between Economy Minister Abdulla bin Touq and investors, as well as the CEOs of leading French firms. Mr bin Touq is leading a UAE team to France to examine ways to boost economic cooperation in important sectors such as renewable energy, tourism, aviation, entrepreneurship, artificial intelligence, space, intellectual property, and the circular economy.
“The economic policies approved by the UAE over the last three years…have established a solid, fertile environment for the growth of major French companies, enabling their access to new markets,” Mr bin Touq said.
“The UAE offers them various incentives and advantages, including advanced infrastructure and flexible legislation that ensure fair competition, in addition to a digital services system through which businesses can be easily set up.”
The Arab world’s second-largest economy introduced a number of new legislations as it aims to boost its economy and support the private sector. The reforms are aimed at improving ease of doing business, attracting foreign investors, creating jobs and diversifying its economy away from oil, as per thenationalnews.
The UAE has also enabled 100% foreign ownership of corporations, removed visa limits, offered different incentives for small and medium-sized businesses, and enacted legislation to promote investor transparency. In addition, numerous efforts are being implemented to increase foreign direct investment. It hopes to attract Dh550 billion ($149.7 billion) in FDI by 2030 and Dh1 trillion by 2051.