UAE to allow full foreign ownership of companies, in bid to boost business

UAE to allow full foreign ownership of companies, in bid to boost business

ABU DHABI--The United Arab Emirates announced Wednesday it will lift a cap on non-local ownership and allow full foreign control of business ventures from the start of June.

The reform, originally flagged in 2019, will make it easier to do business in the Gulf state and encourage investment, the economy ministry said.

“The amended Commercial Companies Law aims at boosting the country’s competitive edge and is a part of UAE government efforts to facilitate doing business,” said Economy Minister Abdulla bin Touq al-Marri.