The United Arab Emirates new companies law, which is expected to come out in 2010, will relax foreign ownership restrictions but will stop short of allowing 100 percent ownership, an official said.

Mohammed Omar Abdulla, undersecretary of Abu Dhabi's department of economic development, made the remarks at a panel discussion.

'The new companies law in the UAE will make a relaxation in foreign ownership,' he said. 'It will not be up to 100 percent, it will be more than 49 percent,' he said. - Reuters