In an important reform step to facilitate business, the UAE Ministry of Foreigners allowed the full ownership of companies from June.
According to Arab Net, the UAE was amended in 2019, the commercial corporate law was reported.
The Ministry of Economy said in a statement published by the Emirates News Agency that the Commercial Companies Law will enter into force from 1 June, allowing investors and entrepreneurs to establish companies and fully owning companies in economic activities.
The aim was to promote the elaboration and support of the national economy, and raise the attractiveness of the investment environment in the State to world leader levels through openness and flexibility in legislation.
The UAE is the second largest economy in the Arab world after Saudi Arabia, most diverse in the region, particularly thanks to Dubai, which ran about 95% of its income from non-oil sectors. The country ranks 16th in World Bank rankings in terms of easy business.
In order to exceed the obstacles before amending him, many UAE, especially Dubai, has established free trade zones that enabled foreigners from having up to 100% of business.
The amendment will open the doors of thirteen economic sectors to foreign investors without restrictions, including renewable energy, agriculture, transport and e-commerce.
In 2019, the country, which attracts the largest proportion of foreign direct investment in the Arab world, has attracted about $ 13.8 billion from these investments, according to the United Nations Conference on Trade and Development.
