Mohamed Omar Abdullah, under secretary of Abu Dhabi’s department of economic development said that the emirate plans to set up a dedicated investment agency to attract foreign investment, Reuters reported. In line with Abu Dhabi’s five-year strategic plan, the department is working towards setting up a dedicated investment agency to serve the needs of international investors, he said. The new agency will begin operations by the end of 2010 and will identify areas of opportunities to attract foreign investments, Abdullah added. International investors have a crucial role to play bringing in expertise, technology and best global practices, he pointed out. Abdullah also said the Ministry of Economy was preparing the final draft of a new UAE companies law which will come out this year. The law will relax foreign ownership rules but stops short of allowing 100 percent ownership, he said.
