UAE nears approving foreign ownership law

07 Jun 2010

(MENAFN) The UAE has moved a step closer to issuing a new law for companies that may allow 100 percent foreign ownership in some industries, after its ministerial committee for legislation approved the final draft, Al Ittihad newspaper reported.

Citing the legal advisor at the Ministry of Economy, Ahmed Moussa, the draft is awaiting approval from the cabinet, before final endorsement from the federal national council.

Moussa said that there were at least five legislative projects in the works, planned for completion before the end of the year.

By the current UAE law, only Emirati people are allowed full ownership of companies operating outside of free zones. The current law requires foreigners to have a UAE national as a partner or sponsor to conduct business.

arlier this year, Qatar has issued a law allowing full ownership of companies for expatriates in certain sectors.

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