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UAE may ease foreign business ownership rules
- United Arab Emirates: Tuesday, May 19 - 2009 at 12:16
Foreigners in the UAE may soon be able to own 100% of businesses located outside of economic free zones. Dubai officials are pushing for the rule change, in the hope that it will boost foreign investment to help counter the financial slowdown. Government officials of all seven emirates are now investigating the benefits and costs of such a move, said Khalid Al Kassim, the Deputy Director General for Economic and Sector Development at Dubai's Department of Economic Development. Al Kassim said it is in the UAE's best interest to ease the restrictions that now prevent foreigners from owning the majority of any business outside a free zone. Foreigners set up 342 projects last year in Dubai, up 59% from 2007, while foreign direct investment in the emirate soared by 123% to $21bn. (Mac Capital Advisors)
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StaffTuesday, May 19 - 2009 at 12:16 UAE local time (GMT+4)
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This article was updated on Wed May 20 2009.
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