An El Al plane is seen on the ground in Abu Dhabi, United Arab Emirates, Aug. 31, 2020. Photo: Reuters / Nir Elias / Pool.

CTech – UAE Minister of State for Foreign Trade H.E. Dr. Thani bin Ahmed Al Zeyoudi won over the hearts of the audience at the opening event of the Israel-Dubai conference on Tuesday by greeting them with the words “Good evening everyone,” in flawless Hebrew. Speaking to the delegation of 100 Israeli businessmen and women attending the first of its kind event, organized by Calcalist, Reshet 13, and Bank Leumi, in front of Dubai’s iconic Burj al Khalifa tower, the minister spoke of the opportunities both countries could capitalize on from the newly signed agreements.

“Since the signing of the historic agreements in September, we have seen a number of bilateral agreements and projects between the two sides. This is a testament to the many opportunities that lie ahead as we embark on a new era of economic growth,” Al Zeyoudi said. “We have already identified sectors, such as advanced technologies, logistics, renewable energies, and tourism, and others where we believe both countries have the greatest strengths and expertise to offer one another.”

“Just yesterday (Monday) the leadership approved a law allowing foreign investors full ownership of their companies without the need for an Emirati sponsor. This is a big step for the UAE, which reinforces our position as a global business hub and our commitment to diversify our economy. As such the time has come for global business leaders, some of whom are here tonight, to capitalize on these promising developments,” Al Zeyoudi said.

The new decree issued by the UAE’s ruler Sheikh Khalifa bin Zayed Al Nahyan, and which goes into effect in December, annuls the requirement for commercial companies to have a major Emirati shareholder or agent, providing full foreign ownership of onshore companies. Under the new amendments, businesses can now be fully established by non-Emiratis of all nationalities, with companies now having a maximum of one year to comply with the amended law from the time its articles become effective. Up until now, foreign companies were required to have a local sponsor that owned 51% of a company’s shares.

“I have no doubt that through our collective efforts and joint collaborations and cooperation between our governments and businesses, we can harness the power of trade and investments to build a more sustainable and resilient economy,” added Al Zeyoudi, who prior to becoming minister of foreign trade in July held the position of minister of climate change and environment, in which he supervised the implementation of the UAE’s strategies on advancing environmental and climate actions.