The UAE Ministry of Economy allowed foreigners to fully own companies from June, in order to facilitate doing business. The law will open the doors of thirteen economic sectors to foreign investors without restrictions, including renewable energy, agriculture, transportation and electronic commerce.
The Ministry of Economy announced that the Commercial Companies Law would come into effect from June 1, which would allow investors and entrepreneurs to fully establish and own companies in economic activities. Indicating that the aim is to enhance the resilience and support of the national economy, and to raise the attractiveness of the investment environment to world-leading levels, through openness and flexibility in legislation.
In 2019, the UAE amended the Commercial Companies Law and canceled a condition requiring investors and companies that want to open a branch within the country to have a citizen agent. The UAE has the second largest economy in the Arab world after Saudi Arabia, and the country ranks 16th in the World Bank's rankings for ease of doing business. It is also considered the most diversified in the region, especially thanks to the emirate of Dubai, which derives about 95 percent of its revenues from non-oil sectors.
Source (Al-Arabiya.net, Edited)
