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UAE likely to pass new company legislation next year
- United Arab Emirates: Saturday, December 01 - 2012 at 03:35
The Abu Dhabi Department of Economic Development (ADDED) has said the long-awaited law to allow further foreign ownership of companies in the UAE is unlikely to be passed in 2012, Reuters has reported. "There are some issues, we are optimistic it will be out soon," Omar Abdullah, under-secretary at department, said, adding the legislation would not be passed this year. Loosening restrictions to attract more foreign investment is intended to make the economy more diverse and resilient while creating jobs for citizens.
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