Ministry of Economy says private sector firmly on the growth track

Nine of these new entities are investment companies while two each are from real estate and finance and the remaining one from the services sector.

Together the new companies registered in 2009 accounted for a capital of Dhs1.338bn taking the total paid-up capital of private shareholding companies in the country to Dhs117.14bn and total capital to Dhs122.39bn.

A major contributor to the national economy, private shareholding companies operate in almost all critical sectors in the UAE including finance, investment, services, industry, real estate, and utilities.

Abu Dhabi had 72 private shareholding companies as 2009 came to a close, while Dubai had 47 and the emirates of Sharjah, Ras Al Khaimah, Ajman and Fujairah together had 15.

His Excellency Mohammed Ahmed Bin Abdul Aziz Al Shihhi, Director General of the Ministry of Economy, said: "The very fact that the UAE private sector continued on the growth track even during such difficult times proves the strength of our economic fundamentals. In spite of the global economic downturn the UAE remains focused on offering effective legislation to protect investors and ensuring a robust economic environment for investments.

"The Ministry of Economy is committed to strengthen this focus and enhance growth by facilitating economic activity and reinforcing investor confidence, thus fulfilling our commitment to the economic development goals set forth in the UAE Vision 2021," Al Shihhi added.