A draft law allowing foreigners 100 percent ownership outside free zones in the United Arab Emirates was in its "final stages", Economy Minister Sultan bin Saeed Al-Mansouri said in remarks published on Wednesday.

The new law is expected to include a rule stipulating a minimum capital of between 200 million dirham ($54.45 million) and 300 million dirhams, Mansouri was quoted as saying in daily newspaper Al-Bayan.

The draft law was subject to approval from the cabinet, the minister said.

Al-Mansouri also said the new law would attract new foreign investment to the UAE, and that it was devised in response to the changes around the world and the global financial crisis, the newspaper reported. - Reuters