Arab Times

Foreign investment sector list out in Q1

UAE govt says


DUBAI, Nov 12, (RTRS): The United Arab Emirates (UAE) government early next year aims to publish a list of the sectors in which it will permit foreign ownership of up to 100 percent, the economy minister said on Monday.

Special business areas in Dubai known as “free zones” already permit 100 percent foreign ownership, but socalled “onshore” businesses limit foreign ownership to 49 percent.

A new foreign investment law, approved last month, allows foreigners to own more than 49 percent and up to 100 percent in UAE-based businesses.

The law is one of a series of economic reforms aimed at spurring investment and attracting foreign investors amid an economic slowdown in the Gulf, due to lower oil prices and a slump in real estate.

Foreign ownership increases will be allowed in sectors such as technology, space, renewable energy, and artificial intelligen­ce, Sultan bin Saeed al-Mansouri said.

“These sectors are the ones we need to pay maximum attention to attract investment from overseas,” he said at a news briefing in Dubai.

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