Dubai brings in new rule to encourage financial investment

22/09/2011 - Dubai Investment News Posted by Neil King
Dubai brings in new rule to encourage financial investment

Dubai ministers have moved to encourage financial investment in the emirate by introducing a new law regulating economic activity.The rule will regulate "economic activities in the emirate to create an environment conducive to boosting investment in Dubai" and was introduced to help the economy grow in the future.Furthermore, the Department of Economic Development will be in charge of licensing and issuing trade permits, those considering Dubai property investment could be interested to learn.Dr Mohammad Al Asoomi, a Dubai-based economist, told gulfnews.com that it will also help create new facilities for new investors to the area."In countries where this single-window system is established, it had a major impact on facilitating procedures for investors. It will attract investors and stimulate economic growth in the emirate," he explained.It comes after investment company Alif Investments announced that it will embark on a multi-million dirham spending spree including the opening of 150 retail units across the Gulf.