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UAE Official Rules Out Full Foreign Business Ownership outside Free Zones
"The new company's law will give some relaxation to foreign ownership," Mohammad Omar Abdullah, undersecretary of the Department of Economic Development, said on the sidelines of an investment conference. "But it will not be to the extent of 100 per cent." Abdullah added the Ministry of Economy is preparing the final draft of the law ahead of its relay to the Federal National Council later this year. The new company's law has been in the works since 2008, but the provision for allowing majority foreign ownership has only been promoted by the Ministry of Economy since September. Current rules limit foreigners to 49 per cent ownership outside free zones, which allow 100 per cent foreign ownership. Mohammad Al Qamzi, chief executive of the Abu Dhabi Government's Higher Corporation for Specialized Economic Zones (ZonesCorp) said the federal law will likely serve as a "guideline," allowing for flexible implementation at the local level according to each emirate's needs. Sectors to be excluded from the new legislation will likely be ones of "strategic" value such as oil and gas, Al Qamzi added.
Source: Gulf News
Wednesday, March 24, 2010
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