UAE Denies Imposing Restrictions on Capital Movement

SadaNews - The UAE's Ministry of Economy and Tourism denied on Thursday the validity of rumors circulating on some platforms regarding the imposition of restrictions by the UAE on capital movement or preventing foreign investors from transferring or managing their funds, in accordance with the applicable regulations.

The ministry emphasized the UAE's steadfast commitment to economic openness and the freedom of capital movement, in line with the best global practices, and to promote a stable and attractive investment environment.

The ministry urged the public and media to verify information and obtain it from official sources only.

It was reported that media outlets had claimed that UAE authorities had begun taking exceptional measures aimed at tightening restrictions on investors attempting to withdraw their capital from Dubai, amid growing concerns within governance circles over a massive outflow of foreign investments.

The reports noted that "the UAE discussed a range of measures that may restrict investors' ability to transfer their money or leave the country after announcing their intention to terminate their investments."

The reports claimed that "sources" indicated that "the UAE is considering measures including freezing bank accounts prior to executing large financial transfers, imposing restrictions on the movement of funds within the financial system, in addition to the possibility of imposing travel bans on businessmen suspected of preparing to move their assets outside the country," which "reflects deep concerns among the UAE leadership regarding the stability of the economic model on which Dubai has been built over the past decades, a model that relies primarily on foreign capital inflows and the image of the emirate as a globally open and stable financial center."