The
UAE cabinet has approved 122 economic activities across 13
sectors eligible for up to 100% foreign ownership, WAM said. It
did not say when the decision was made.
Gulf state UAE last year approved a new foreign investment law
that would allow foreigners to own more than 49 percent and up
to 100 percent in some UAE businesses.
Officials later said a full list of which sectors and activities
the law would apply to would be published in the first quarter
of 2019.
Other sectors and activities where up to 100% foreign ownership
will now be permitted include space, transportation,
hospitality, and professional, scientific and technical
activities, according to WAM.
The full list of sectors and activities the law applies to was
not included in the WAM report.
Local governments are to determine how much foreign investors
can own in each activity, WAM reported, suggesting some emirates
could apply different limits to foreign ownership in the same
sector or activity.
The government previously said several sectors and activities
would be excluded from changes in the foreign investment law,
including oil and gas production and exploration, land and air
transport, and security and military.
The foreign ownership law is one of a series of economic reforms
aimed at spurring investment and attracting foreign investors
amid an economic slowdown in the Gulf.
Foreigners could already own up to 100% of businesses registered
in designated business parks known as "free zones."
(Reporting by Alexander Cornwell; Editing by Mark Potter)
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