Hussein Shobokshi

COMPETITION in the world of economy requires serious players to review their plans and change their strategies immediately. There comes the role of skilled and experienced management who reads the directions of the changing wind and thus manages the movement of the boat and puts it in the safe direction to gain ground. This is what the government of the United Arab Emirates (UAE) did recently. It issued a historic resolution that offers great facilities for talented and investors, including raising the percentage of foreign ownership of companies to 100 percent by the end of the current year and granting residency visas to investors.

This is an open and practical acknowledgment that the rules of the game are changing because strong and serious global competition imposes itself and creates a new reality on the ground. There are surplus funds, excess talent and surplus minds, all looking for a safe place for investment, labor, innovation and production, but they are also looking for the best and most important in a system that provides them with minimum dignity, safety, respect, law, justice and equality.

This is an issue that was not created by the United Arab Emirates but which has been exploited effectively and inspired by the countries of the New World such as the United States of America, Canada, Australia, New Zealand and Brazil. These laws reflected the economic and social mobility of the countries. Different fields, great companies were born, leading the world economy today.

The UAE is well aware that it is very important to be “proactive” in steps in the frantic arena of the economy because countries are measured by the ability of their systems and laws to adapt to the new realities imposed by supply and demand around the world, thus making them more competitive. Money drain and brain drain are global phenomena. There are countries and systems that are constantly developing laws to attract talent and investments.

Today with these “attractive” and “tempting” laws, the UAE puts itself in a competitive position with the top countries that have adopted money and talent wooing policies which frantic “market” and its temptations do not stop, but their returns are great for society and the economy. Legislators in the United Arab Emirates are detached from racism and discrimination as they know the “big returns” will be for the UAE as a whole, whether economically or socially.

It is not strange that this kind of positive, welcoming and promising decision comes from the UAE. We have been accustomed to this kind of “happy” decision. Hopefully, other Arab countries will also have similar appetite to prevent the money and brain drain, a serious issue threatening the social and economic status of the future of the region.