UAE to allow 100% foreign ownership

By April 29, 2018News

The UAE is expected to approve a new law allowing 100% foreign ownership in some sectors by the end of the year-end.

The new law will include sectors such as manufacturing and the service industries and is expected to boost foreign investment inflows by up to 15%.

“It will be this year, I can assure you, the latest will be Q4,” Economy minister Sultan Al Mansoori was quoted as saying. “I am optimistic, it is critical that we finish the investment law this year.”

A final draft of the law has been sent to the UAE Cabinet for approval.

Al Mansoori said he expected to UAE to attract $10.6bn-$10.8bn in foreign investment this year from $10.3bn last year

“It’s a marginal increase but we have to take into consideration the current situation and atmosphere in the world right now. The environment is sometimes challenging,” he was quoted as saying.