UAE Business Reforms – A Game Changer for Competitive Advantage

UAE Business Reforms – A Game Changer for Competitive Advantage

MahiS3010 (CC0), Pixabay

Landmark business reforms in the United Arab Emirates (UAE) will prompt an “unprecedented explosion” of foreign direct investment in Dubai and Abu Dhabi and will cement their growing status as major international financial centres. The bold prediction is from the CEO of deVere Group, an independent financial advisory and fintech organisations. It follows His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, announcing on Monday amendments to the law regarding business ownership. Under the new legislation, the UAE will allow 100% ownership of businesses for foreign nationals from December 1, 2020. Previously, all businesses were required to have a UAE citizen sponsor. Mr Green notes: “Dubai and Abu Dhabi are already recognised as two of the most powerful business and financial hubs in the world by international investors who are lured by the incredible possibilities offered in terms of finance, trade and commerce, plus