RIYADH: The UAE economy, built over a period of 50 years, has the potential for growth of more than 10 per cent in the next 10 years, Arab News quoted Minister of Economy Abdulla bin Touq, as saying.

The country “provided investors with flexible legislation, proactive steps and stimulus packages that amounted to 100 billion Emirati dirhams ($27.2 billion), in addition to addressing the situation to attract investment,” bin Touq said.

“There are legislations launched in the last stage, such as 100 per cent foreign ownership to attract foreign investments and open foreign horizons for the UAE’s exports to the world,” he said during an interview with Al Arabiya.

Among the most prominent efforts “presented by the UAE were commercial transactions and the Companies Law, which approved 100 per cent foreign ownership of companies,” he explained.

The UAE’s hosting of the Future Investments Summit will bring together minds from government agencies, businessmen, investment funds and academics to focus on what are the future investments in the next fifty years, he added.