UAE continues to woo companies despite recession

UAE continues to woo companies despite recessionUncertain conditions of the financial market due to global financial crisis failed to discourage companies worldwide to find place in UAE during 2009 with registration of foreign firms in UAE witnessed rise during the outgoing year.

Mariam Shamlan Issa, Head of the Foreign Companies Registration Section at the Ministry of Economy (MoE) confirmed that UAE continued to maintain its reputation as a business hub as indicated by large number of companies get listed in the country.

Speaking in the sidelines of a conference organized by the Ministry, Shamlan Issa added, "The number of foreign companies registered in the country has increased to 3,000. On average, five overseas companies have registered each day over the last few months."

On the other hand, very few firms had withdrawn or canceled their registration during the period. Ahmed Al Hosani, Director of Commercial Registration Department expressed gratitude to the MoE delegations who manage to convince companies across the world to invest in UAE.

Ahmed Al Hosani added, "We will soon announce new administrative measures that will complete registration within a few minutes in co-operation with economic development departments across the UAE."