São Paulo – The UAE has approved up to 100% foreign ownership of businesses for 122 economic activities in 13 different industries, local outlet Gulf News reported this Tuesday (2).
The decision was made by the cabinet chaired by UAE vice president and prime minister Mohammad Bin Rashid Al Maktoum (pictured above, 3rd from R to L), who’s also ruler of the emirate of Dubai. The move is intended to support growth and reaffirm the country’s status as a global investment hub.
Industries eligible for 100% foreign ownership include renewable energy, space, agriculture and manufacturing. Renewable energy options include manufacturing of solar panels, power transformers, green technology and hybrid power plants. Another option is transport and storage, including e-commerce transport, logistics and cold storage for pharmaceuticals.
The foreign ownership list also includes hospitality and food services, information and communications, as well as professional, scientific and technical activities, including ownership in laboratories for research and development in biotechnology. Also included are educational activities, healthcare, construction, and art and entertainment.
Gulf News said each emirate’s government will determine ownership rates for each industry. “Local governments will identify the percentage of ownership in each activity according to their circumstances. Our goal is to stimulate, activate and facilitate businesses. We want to open and expand new economic sectors. We want to attract new investors and new talents and enhance the global competitiveness of our national economy,” said Maktoum.
Translated by Gabriel Pomerancblum
