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UAE to allow full foreign ownership of firms
20th May, 2021 10:31:32
ABU DHABI: The United Arab Emirates announced Wednesday it will lift a cap on non-local ownership and allow full foreign control of business ventures from June 1,
The reform, originally flagged in 2019, will make it easier to do business in the Gulf state and encourage investment, the economy ministry said.
“The amended Commercial Companies Law aims at boosting the country’s competitive edge and is a part of UAE government efforts to facilitate doing business,” said Economy Minister Abdulla bin Touq al-Marri, reports AFP.
The decision abolishes a longstanding law that limits foreign ownership to just 49 percent.
UAE To Allow Full Foreign Ownership Of Firms
05/19/21 AT 11:16 AM
The United Arab Emirates announced Wednesday it will lift a cap on non-local ownership and allow full foreign control of business ventures from June 1,
The reform, originally flagged in 2019, will make it easier to do business in the Gulf state and encourage investment, the economy ministry said. The amended Commercial Companies Law aims at boosting the country s competitive edge and is a part of UAE government efforts to facilitate doing business, said Economy Minister Abdulla bin Touq al-Marri.
The decision abolishes a longstanding law that limits foreign ownership to just 49 percent.
UAE will allow full foreign ownership of firms beginning June 1
World
Burj Al Arab (left). File photo
The cap on non-local ownership will be lifted in the United Arab Emirates and full foreign control of business ventures will be allowed from June 1, the Gulf state announced Wednesday.
The reform, originally flagged in 2019, will make it easier to do business in the Gulf state and encourage investment, the economy ministry said. The amended Commercial Companies Law aims at boosting the country s competitive edge and is a part of UAE government efforts to facilitate doing business, said Economy Minister Abdulla bin Touq al-Marri.
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