Source: Maktoob.com

UAE officials are meeting next week to finalise a law that will allow foreigners to own 100 percent of their business in the country outside of free zones, a senior Ministry of Economy official was quoted as saying on Tuesday in daily newspaper the National.

Mohammed al-Shihhi told the newspaper that a committee of the Ministry of Justice will meet next week to finalise the law before it is sent to the Federal National Council for approval.

He declined to say when the law would take effect.

“(The new law) will give special cabinet approval to certain sectors to have more ownership than 49 percent,” Shihhi said, adding that certain sectors such as industry may be allowed full ownership.

“It will offer special approval from the cabinet for certain sectors and certain strategic projects with certain minimum capital,” he said.

Currently, UAE law requires foreigners to have an Emirati sponsor and limits ownership to 49 percent of the business. Foreigners can own 100 percent of their business in free zones.

Sultan bin Saeed al-Mansouri, the country’s economy minister, said in September the foreign investments law was in the final stages and should be ready by the year-end.