UAE may allow 100% foreign ownership of firms

DUBAI — The UAE government is reviewing a draft commercial law allowing full foreign ownership of some companies, according to an Abu Dhabi official.

By (Bloomberg)

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Published: Wed 28 Nov 2012, 9:47 PM

Last updated: Tue 7 Apr 2015, 2:47 PM

“We recognise the importance of the foreign companies to have 100 per cent ownership, but within specific rules and conditions,” Mohamed Omar Abdulla, undersecretary of the Abu Dhabi Department of Economic Development, said in an interview in Dubai on Tuesday.

The measure applies to some industries outside of free zones, Abdulla said. The Abu Dhabi government and others within the UAE are reviewing the draft, he said, without specifying when it will be passed.

The current commercial law allows foreigners to own a maximum of 49 per cent of companies registered outside of free zones. Corporations that are eligible would “have to be within the industries that have certain priorities within the economy, like petrochemicals, communications, logistics, aerospace, financial, and others,” he said.

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