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UAE plans to scrap import monopolies of some big merchant families

by Mike Robinson

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© Reuters. FILEPHOTO: View of JBR at Bluewaters Island on Dubai (United Arab Emirates), December 08, 2021. REUTERS/Satish Kumar

(Reuters] – A statement by the United Arab Emirates government to some large business families has been published Sunday by the Financial Times. It stated that they plan to lift their monopoly in the import of goods.

According to the report, the Gulf state proposed legislation to end automatic renewals of commercial agency agreements. This would allow foreign companies to sell their goods locally or to change local agents.

According to an Emirati official quoted in the report, “It is no longer logical for individuals to have such power or preferential access to wealth,” he stated. We must modernize our economy.

The Emirati leadership must approve the proposed law and it is not yet known when that will happen, according to the report.

Reuters did not receive a response from the UAE government immediately to our requests.

The UAE has been a rising economic competitor to Saudi Arabia for the last year and took measures to attract foreign talent and investors to its economy.

UAE declared earlier this year that foreigners setting up a business in the UAE will not require an Emirati agent or shareholder.

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