The UAE National day of this year is going to be significant as certain momentous decisions will be taken to ensure full-fledged revival of economical growth. As a result, the country will get the flexibility to respond dynamically and efficiently to global, regional and economical changes.

Although it’s impossible to highlight every decision along with its impact, certainly we’ll discuss about the amendment of many companies’ laws which allow the foreign investors to set up their own enterprises without any deem for the partner from that specific nationality.

Drastic change

UAE is adapting a new approach for obtaining attention of more foreign investors resting the technology and expertise aside to set an assuring example. So, local companies and people will be rest assured to the accessibility to these technologies.

This major transformation will lead to controversy as for the last 5 decades Emirati partner or sponsor was essential. Over half of the century, businesses relied on it which turned out to be an obstacle for budding and promising business elites. After all, paradigm is necessary for such courageous and sweeping decisions.

Alternation of the realities

Now, any foreign companies don’t need an Emirati partner to flourish in the market of Saudi Arabia. Erstwhile, it was needed just because of the huge gap within corporate and economic landscape of UAE with hollowness in educational credentials; deficit in capital and experience could harm the experience while giving unequal chances to the citizens.

In fact, the economical ecosystem is locked by legislations to limit the investors’ movements. Irrespective of its positive impact, it always generates a sort of dependency.

Set limit to chase the crumbs

As the local agents and sponsors obtained profit crumbs they didn’t set foot into the world of business and management. 

It flashes me back to mid-1980s when the Economic Research Department at The Industrial bank was in its early-developing phase. About 50 visits were made for the industrial establishment to Fujairah from Abu Dhabi for interviewing the personnel who were in-charge of study and compilation to draw a concrete conclusion. 

I come up with that the successful organizations are always led by their respective owners only the flattering ones are managed by their representatives.

Talent will definitely find its own root and soil

UAE possesses a remarkable cache of experienced and qualified professionals and entrepreneurs of the country who can be benefitted from the well-educated foreign expertise for assisting in the business development. It means Emirati business persons seek parallel cooperation from the foreign investors rather than playing role as sleeping partners.

The global economical changes lead to intense trade and economy competition for bigger opportunities for the transmission of investment flow. However, this will obviously create an issue while impose to perform with the legislation implemented several decades back.

As a result the speedy actions and dynamism of UAE government will get highlighted and will be forced to change which surely brings the biggest revolution for consistent development.  

The new-amended law is an example how continuous efforts are being made for betterment of the businesses. Every key decision will lead to positive outcome in terms of both social and economical growth to raise the living standards while protecting the vital interests of the country at the same time. A marketing significance can be found which has been attained by UAE for over last 49-year while storing a sustainable market for upcoming generation as well.