Posted by Bob Brunskill
The continued growth of the UAE's private sector during the global downturn has proven the fundamental strength of the country's economy, a government official has said.
Ahmed Bin Abdul Aziz Al Shihhi, director general of the ministry of economy, said that despite difficult global conditions, the UAE had remained focused on offering "effective legislation to protect investors and ensuring a robust economic environment for investments" as part of the UAE Vision 2021.
His comments come after it was revealed that the number of private shareholding companies in the UAE reached 134 at the end of last year.
A total of 15 private shareholding companies were newly registered in the country in 2009, which the ministry of economy said reflected continuing confidence in the local business environment.
Nine of these new entities were investment companies, with two from the real estate sector, two in finance and one from the services sector.
At present, the total paid-up capital of private shareholding companies in the UAE stands as AED117.14 billion, which amounts to a significant contribution to the national economy.
Meanwhile, it was reported this week that the Dubai Gold and Commodities Exchange saw its trading volumes rise 133 per cent in the first quarter of 2010.