UAE opens 122 activities to full foreign ownership

By Eudore R. Chand

DUBAI 4 March 2020: Economic sectors eligible for 100 percent foreign ownership, were yesterday approved by the UAE Cabinet under the chairmanship of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

These include 122 economic activities covering industrial, agricultural, and services sectors. A statement carried by official new agency Wam, did not list the 122 activities.

Sheikh Mohammed said that the UAE accounts for 40 percent of Foreign Direct Investment (FDI), in the region amounting to US$140 billion.

The objective is to promote the investment climate and partnerships to new levels. “The positive list will take everyone into consideration and our instructions are to create the best business environment for the local investors and foreign investments, which are the driver of investment in the country,” he pointed out.

Sheikh Mohammed said that the UAE has become a key destination that attracts investments and talents, as well as increase flow of investments in key sectors thanks to success opportunities it offers. “We have the flexibility to keep pace with all global changes including economic ones. We have the best investment environment and the best infrastructure in the world. Our country will continue its drive to develop its economic model,” he said.

“We want to be a gate for production and attracting advanced technology and expertise. We support all those who have ideas to develop industries, education, healthcare, artificial intelligence, food security as well as the quality of life in our society,” he added.

The cabinet also approved a comprehensive medical examination system for all newborns in the country to early monitor any diseases that might affect their health in the future. It also approved the establishment of a UAE embassy in the Democratic Republic of the Congo and a new consulate in Cape Town, South Africa as well as cooperation and investment agreements with Brazil, Indonesia and African countries.