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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.
June 7, 2010 3:46 by Samuel Potter
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.