UAE to allow full foreign ownership this year
Abu Dhabi, February 16, 2011
A new UAE companies law that will allow 100 percent foreign ownership in some corporate sectors could be introduced before the end of 2011, the minister of economy said on Wednesday.
"It could be any time this year," Sultan bin Saeed Al-Mansoori told reporters at a conference in Abu Dhabi.
"It could be this week or next week or next month. From the ministry level, our work is done. It's more reviewing of anything that needs to be done."
By UAE law, only nationals are allowed full ownership of companies operating outside of free zones. The law currently requires foreigners to have a UAE national as a partner or sponsor to conduct business. - Reuters