UAE to detail investment law changes

Gavel_lawbooksLawmakers in the UAE are set to announce more details on the changes to investment rules including which sectors will allow 100% foreign ownership of onshore businesses. Expectations that the new rules will herald an economic boost are high. Analysts have forecast that FDI will grow by 15-20% now that the law has come into effect while there are also expected to be increases in jobs for nationals and a boost to the non-oil economy. The amendments to article 10 of the UAE Commercial Companies Law were issued in October, 2018. The central change is that 100% foreign ownership will be allowed for onshore businesses in selected sectors. UAE ministers are set to announce which sectors will be eligible before the end of the first quarter of 2019. The minister of economy Sultan Al Mansouri has suggested that technology, aerospace, renewable energy and artificial intelligence will be among the chosen markets. Meanwhile law firm Clyde & Co has stated that UAE authorities will also announce 14 sectors to which the 100% foreign ownership will not be allowed. These include oil exploration, military, insurance, banking and finance and telecommunications. ©2019 funds global mena

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