The UAE appears to have abandoned plans to implement value-added tax (VAT) for the time being, a top official said, adding that the worst for Dubai is over. The government is going to enact a new Investment Law and revise the Companies Law in the next six months. The Investment Law will change the country's foreign investment regime and allow more than 49 per cent foreign ownership in companies in certain sectors outside free zone areas. "The government is currently working on a number of laws and regulations that will reduce procedures and lower licensing and business registration costs and make Dubai a more competitive place to work and live in," Hamad Bu Amim, Director-General of Dubai Chamber of Commerce and Industry, told Gulf News in an exclusive interview.