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UAE to allow majority foreign ownership
- United Arab Emirates: Wednesday, March 12 - 2008 at 14:35
The UAE plans to roll out a new law in six months that will allow majority foreign ownership in some sectors, reported Reuters. Sultan bin Saaed Al-Mansouri, the UAE's Minister of Economy, said the new law will be applied 'wherever it helps the economy of the UAE', without naming the sectors. Currently foreign investors are only permitted to own a maximum of 49% of a UAE company, except in free zones like Dubai Media City and Dubai Internet City.
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Jeff Florian, Senior ReporterWednesday, March 12 - 2008 at 14:35 UAE local time (GMT+4)
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