UAE liberalises company ownership
At present, foreigners can fully own a company if it is in a free zone
A landmark law that will allow foreign investors to own 100% of companies in the United Arab Emirates will be limited to industries deemed essential to the second-biggest Arab economy. Authorities were weighing what industries were to be included in the law, and the decision would be based on factors such as the ability to create jobs and transfer technology, said Abdulla Al Saleh, undersecretary for foreign trade and industry at the economy ministry. At present, foreigners can fully own a company if it is in a free zone. The changes, which include offering some foreigners long-term residency permits, would take effect by year-end, the government said. The announcement is an attempt by the UAE to bolster a slowing economy and stay ahead of other Gulf neighbours racing to emulate Dubai's success in finding sources of revenue beyond oil. Stocks in Abu Dhabi and Dubai, the UAE's richest emirates, gained after the announcement, helped by bets the changes would end a model that forced fo...
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