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FINANCIAL NEWS
Dubai may allow businesses without Emirati partners
27 Jan 2013
(MENAFN) Dubai’s government is mulling letting GCC nationals to set up businesses with foreigners without the need to involve an Emirati partner, as it seeks to boost the economy and attract capital, Arabian Business reported.
According to an official statement, a committee, set up by the Department of Economic Development (DED), will study requests from GCC nationals to allow them to set up partnership firms with non-GCC citizens.
The committee, led by head of licensing Ahmed Ibrahim, will consider whether the proposed projects include transfer of knowledge and technology to the UAE, or transfer of operations of well-known companies to the Gulf state, and whether the project is a priority for the emirate’s economy.
The statement added that the proposal must include an economic feasibility study and must comply with existing legislation in order to be considered by the committee.
The statement indicated that the planned businesses must be within the industrial, services, tourism or other sectors that “add critical value to the emirate’s economy”.
The minimum capital in each project must be USD2.7 million and must be transferred from abroad to a UAE bank with a certificate of deposit.
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