Phoenix Group chief predicts new FDI rule to boost flow of investments

The 100 per cent foreign ownership rule in the UAE would further boost the country’s appeal as an attractive destination for foreign investors, entrepreneurs and talents.

It will further strengthen the country’s position as an international economic centre and encourage the flow of investments to the country’s vital economic sectors.

This was stated by Muhammad Adil Mirza, chief executive of Dubai-based Phoenix Group of Companies during an exclusive interview with Khaleej Times on Wednesday.

He said that the changes in business rules and economic reforms are part of a series of measures introduced to make the UAE a more investment-friendly destination, which have also included the offer of 10-year visas for investors and citizenship for Investors and talented professionals.

“The easing of rules will help to bring more consumers into the stores as people are now quite confident in the way the UAE government has handled the pandemic in a very organised & efficient manner,” he said.

"The UAE is close to host Expo 2020 in Dubai, and we are pleased to be a part of the world’s most important exhibition. It is a perfect platform for bringing investment opportunities into the country and will undoubtedly boost the country’s economy in all sectors,” Mirza said.

He said the mega event would create thousands of new jobs and increase demand for not only the real estate industry but also hospitality, tourism, retail, education, technology, and healthcare.

“The entire world is reeling under the disastrous consequences of the Covid-19 pandemic and Dubai sees a huge opportunity during this crisis to make Dubai as the most attractive destination for doing business,” the Phoenix Group CEO said.

He disclosed that Phoenix Group of Companies is in fine fettle and its businesses are growing despite the worst global Covid-19 pandemic, adding that they are also planning to enter new markets, which are untapped.

Muhammed Adil Mirza is a businessman in the UAE and has received a 10-year Golden Visa from the UAE government in 2019.

— business@khaleejtimes.com