It will open up specific sectors UAE wants to boost
DUBAI 31 October 2017: A new law that allows majority ownership by foreigners in local UAE firms is almost finalised, according to the country’s Minister for Economy Sultan bin Saeed Al Mansoori.
The UAE allows 100 per cent foreign ownership – but only in its free zones.
“We do have some challenges – the 51:49% rule [in the local market] is one that is [an obstacle] for foreign investors,” the minister told the India-UAE Partnership Summit, that opened at Armani Hotel in Dubai yesterday.
“The new law allows more than 51 per cent ownership in some sectors and services,” said Al Mansoori.
“The aim is to diversify the economy and bring specialist investment,” he said adding that the target was to reduce the current less than 30 per cent of oil contribution to GDP, to 10-15 per cent. But the leadership wants it down to zero.
“The new law is almost final and is about to go to the Federal National Council, which once ratifies it, will go for issue,” the minister added.