| Kippreport.com

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Foreign ownership to be allowed ‘this year’, says UAE minister

March 9, 2010 9:29 by kippreport

New legislation which will allow full foreign ownership of companies in the UAE could be passed by the end of the year, according to the Minister of Economy Sultan bin Saeed al-Mansouri.

“The next step will be to submit it to the Cabinet, which will be probably within a -month,” Mansouri told Bloomberg. “Our expectation is that it would have to come out during 2010.”

Currently, foreigners are only allowed 49 percent ownership of businesses, with certain exceptions.

Tags: foreign ownership