UAE to end monopoly on imported goods: report

A general view of JBR from Bluewaters Island in Dubai
The United Arab Emirates government has told some of the largest business communities that it plans to end its monopoly on the sale of imported goods, the Financial Times reported on Sunday.

According to the report, the Gulf State has proposed a bill that will end the automatic renewal of existing commercial agency agreements, giving foreign firms the opportunity to distribute their goods or change their local agents.
The report says that it no longer makes sense for individual families to have that kind of power and preferential access to easy wealth. We must modernize our economy. The timing of the proposed law must be approved by Ethiopian leaders, according to the report, and the timing of its adoption remains unclear.

The UAE government immediately responded to RIA Novosti’s requests for comment.
Over the past year, the UAE, Saudi Arabia’s growing economic rival, has taken steps to make its economy more attractive to foreign investors and talent.

Following changes in the UAE company law, the UAE announced that foreigners who set up a company would no longer need a shareholder or agent.

Source: rusplt.ru