UAE cabinet approves sectors eligible for 100 per cent foreign ownership
“Our goal is to stimulate, facilitate and activate business, open and expand new economic sectors, attract new investors and talents, and enhance global competitiveness of our national economy…”
The UAE cabinet has approved the sectors and economic activities eligible for up to 100 per cent foreign ownership in the UAE, it announced on Tuesday.
In a meeting chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, the cabinet announced that 122 economic activities across 13 sectors were specified to be eligible for up to 100 percent foreign ownership.
These sectors include renewable energy, space, agriculture, and manufacturing industry.
Areas eligible for foreign ownership also extend to include transport and storage, which allows investors to own projects in the field of e-commerce transport, supply chain, logistics, and cold storage for pharmaceutical products.
Local governments will determine the ownership percentage of foreign investors in these activities, according to a statement on Sheikh Mohammed’s official website.
The cabinet’s decision will support the investment environment in the UAE, enhance the UAE’s competitiveness globally as an investment hub and provide further growth for local vital sectors, according to a Tweet from the UAE government Twitter account.
“Our goal is to stimulate, facilitate and activate business, open and expand new economic sectors, attract new investors and talents, and enhance global competitiveness of our national economy,” Sheikh Mohammed Tweeted.