New private steel plant in Dubai granted 100% ownership
In July 2019, the UAE Cabinet approved 100 per cent foreign ownership in 13 sectors and across 122 economic activities.
A new steel plant coming up in Dubai has been granted 100 per cent ownership under the recently-introduced UAE foreign direct investment law which allows full ownership to businesses in mainland.
Bharat Bhatia, CEO of Conares, obtained the license under the new FDI regulations and will invest in a new facility with a capacity to manufacture 100,000 metric tonnes of steel.
The new plant will manufacture products catering to increasing demand of infrastructure-development projects in the Middle Eastern region.
This is the second firm in the UAE which has been granted 100 per cent ownership in mainland. In February, Aster DM Healthcare firm was allowed 100 per cent ownership in its Dubai subsidiaries.
In July 2019, the UAE Cabinet approved 100 per cent foreign ownership in 13 sectors and across 122 economic activities. These sectors were renewable energy, space, manufacturing, hospitality and food services, information and communication. In addition, other sectors and activities approved for full foreign ownership were biotechnology, educational activities, healthcare, art and entertainment etc.
However, each emirate will determine the ownership percentage of foreign investors in these activities.
Bhatia said the decision will allow the firm to operate on a larger scale across the Arab region.
"The business of trading and re-exports is slowly fading out. Value-addition is the only way forward. I believe that the new FDI regulations will attract new breed of investors to set their businesses here. With the government safeguarding industrial interests, more industries shall be encouraged to come forward and set up their units. This will help to make the 'Made in UAE' brand reach new heights, and export the products manufactured in the UAE to be well recognised across the globe," he said. - firstname.lastname@example.org
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