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Latest News

UAE takes a step closer to 100 percent foreign ownership law

Country may follow Qatar's example and allow 100 percent ownership in certain sectors.

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June 7, 2010 3:46 by



The UAE has moved a step closer to a new companies law that may allow 100 percent foreign ownership in some sectors, reports Maktoob.com.

The Ministerial Committee for Legislation has approved a final draft of the law, says the report. It quotes UAE newspaper Al Ittihad, which itself cites the legal adviser at the Ministry of the Economy, who said the draft awaits final approval from the Federal National Council.

Ahmed Moussa told the paper there were at least five legislative projects in the works planned for completion before the end of the year. Outside of freezones, the UAE requires companies to have a UAE national as partner or sponsor, but the country may follow Qatar’s example and allow 100 percent foreign ownership in some sectors.



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2 Comments

  1. Raju on June 7, 2010 8:49 pm

    The country and the economy will be growing and expanding in direct corelation to the favourable laws that will be enacted to creation of wealth and inflow of investment. A businessman and an investor is willing to take the trouble of facing the adverse nature and climate but no one will fight the adverse laws that do not help commerce and industry.
    If and when the ownership laws are streamlined to secure the investment of businesses then will the country be favoured to set up industries and large scale investment.
    Good luck if the news turns outtoi be true and proceeds as is conceived and proposed.
    Sure enough it will not be like the freehold / leasehold law and real estate and 99 years…..

     
  2. Mohammad Siddiqui on June 8, 2010 10:18 am

    This Saga continues and has taken much longer than expected. In order to have some confidence in the market place, action has to be taken ASAP so foreigners and local community can benefit.
    Lost confidence has to be brought back.

     

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