Order stipulates that foreign investment firms that secure licenses under the decree will be treated like national companies Emirates also passes law to combat money laundering, terror financing ABU DHABI / DUBAI: The UAE announced on Tuesday the establishment of a special unit at the Economy Ministry to help lure foreign investors. The establishment of the foreign direct investment unit was ordered by President Sheikh Khalifa bin Zayed Al-Nahyan in a decree. The order stipulates that foreign investment firms that secure licenses under the decree will be treated like national companies, significantly cutting back red tape. Last year the UAE attracted more than $10 billion in foreign direct investment, continuing a trend in recent years of having the largest FDI inflows among all Arab states. The presidential decree aims to go further still, with the new unit to propose policies to improve the investment environment and attract more FDI. In May the UAE announced new incentives to lure foreign investors, granting 100 percent ownership of companies and a 10-year visa for professionals and investors. The following month Abu Dhabi, one of the UAE’s seven emirates, announced a 50 billion dirham ($13.6 billion) stimulus package over the next three years. Although the UAE has the most diversified economy in the Gulf, it remains highly dependent on oil revenues. FASTFACTS $10bn – Amount of foreign direct investment the UAE attracted last year. Growth fell to just 0.5 percent last year, down from 3.0 percent in 2016 according to the International Monetary Fund, driven by a 2.5 percent contraction in the oil sector. The UAE also said Tuesday that it has passed a law to combat money laundering and terrorism financing. The law, which is in line with the requirements and recommendations of the Financial Action Task Force (FATF), recommends the establishment of an independent financial information unit within the central bank to receive and investigate reports of illicit financing activity. FATF is an international organization that sets global standards for fighting illicit finance. “This decree is a fundamental pillar of anti-money laundering and countering the financing of terrorism, and contributes to raising the effectiveness of the legal and institutional framework of the nation,” said deputy ruler of Dubai and finance minister Sheikh Hamdan bin Rashid. The law, which follows a decree by UAE President Sheikh Khalifa bin Zayed Al-Nahyan, will be implemented one month after its publication in the Official Gazette.