By IANS/WAM,
Dubai : Private companies in UAE contributed an amount of more than $350 million to the country’s total capital in 2009, according to latest statistics.
A total of 15 new private companies were registered last year, out of which nine are investment companies while two each are from real estate and finance and one is from the services sector.
The new companies accounted for a capital of 1.338 billion Arab Emirates dirhams ($364 million) taking the total capital of private companies in the Emirates to AED 117.14 billion.
A major contributor to the UAE’s economy, private companies operate in almost all sectors in the Emirates including finance, investment, services, industry, real estate, and utilities.
The number of private companies in the UAE has reached 134 as of December 31, 2009, the ministry of economy said Thursday.
Abu Dhabi had 72 private companies in 2009, while Dubai had 47 and Sharjah, Ras Al Khaimah, Ajman and Fujairah together had 15.
“The fact that the private sector continued on the growth track even during difficult times proves the strength of our economic fundamentals. In spite of the global economic downturn, the UAE remains focused on offering effective legislation to protect investors and ensuring a robust economic environment for investments,” Mohammed Ahmed Bin Abdul Aziz Al Shihhi, director general of the ministry of economy said.