Pinsent Masons survey finds regulatory “uncertainty”
78% of those surveyed in the infrastructure sector revealed hiring top talent as their key challenge
International law firm Pinsent Masons has released a survey to identify regulatory gaps and opportunities for UAE business leaders.
Named “The Making of an Investment Powerhouse: The Future of the UAE’s Regulatory Framework”, the report aimed to clarify the key challenges perceived by business leaders related to regulations, foreign ownership restrictions and employment.
Business leaders from the infrastructure and energy sector were among those who were surveyed by Pinsent Masons.
The report revealed that 78% of those surveyed in the infrastructure sector revealed hiring top talent as their key challenge.
Other findings found that 44% of energy sector participants found the regulations especially challenging; compared to only 11% in the infrastructure sector.
However, 89% of infrastructure and 85% of energy leaders believed that the UAE represented the ‘gold standard’ in terms of regulation, compared to other jurisdictions globally.
Commenting on the findings, Pinsent Masons head for the Middle East region, Catherine Workman, said: “The UAE’s business landscape has evolved over the past decade at tremendous speed and although this has brought with it immense opportunities, certain challenges have of course been borne from such rapid progression.
She added: “In light of the Covid-19 pandemic, we are now in unprecedented times, and that will no doubt lead to further uncertainty from a regulatory and business perspective. We hope that this report will help to instigate important conversations about how the UAE business community and the government can work together to ensure that the UAE builds upon its unique business proposition.”