Dani Kabbani and Ben Bruton of Eversheds have commented following news that the Gulf Cooperation Council (GCC) has seen record growth in the number of industrial companies, the number of workers and the total value of industrial investment since 2012.
Kabbani, a partner in Eversheds’ Doha office, said that there is a very high activity surrounding company incorporation and joint ventures in Doha.
He said: ‘While Qatar is aware that such a rush on projects is ultimately beneficial to the local economy and is taking major steps to reducing the bureaucracy and simplifying the business setup process, it is very much aware of the consequences and it is taking serious steps to limit the inflation that will undoubtedly be coming in its way.
Bruton, a partner in the Eversheds’ Dubai office, said that, from the UAE perspective, being attractive and open to new businesses has been key to Dubai’s success since the 1990s.
Bruton added: ‘The many free zones have proved extremely popular and have attracted businesses that may have otherwise been deterred by the increased level of formality in setting up in mainland UAE.
‘The DIFC [Dubai International Financial Centre] has been a particular success and has broken new ground with the establishment of a robust legal and regulatory framework to support international business.’