UAE may allow 100 per cent foreign investment
14 Sep 2009
The United Arab Emirates will soon bring in legislation to allow 100 per cent foreign ownership of businesses in a bid to boost investment in the emirates.
Foreigner investors at present are allowed to hold up to 49 per cent equity in a business with a UAE national holding the remaining, except in the case of free trade zones.
The aim is to attract investment is hi-tech industries, which involve large capital investments. This will also help create new jobs in the economy, which is currently losing jobs in the wake of the global economic crisis.
Reports quoting UAE economy minister Sultan al Mansouri said the legislation will be moved in the cabinet for approval within two months.