To give a boost to its economy, the United Arab Emirates (UAE) government has decided to allow 100 per cent foreign ownership in 122 economic sectors.
The decision was taken at a Cabinet meeting headed by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai.
"In a cabinet meeting I chaired in Abu Dhabi, we approved 100 percent foreign ownership in 122 economic activities in fields including agriculture, manufacturing, renewable energy, e-commerce, transportation, arts, construction and entertainment," said Sheikh Mohammed on Twitter.
Sectors eligible for up to 100 per cent foreign ownership include renewable energy, space, agriculture, and the manufacturing industry. The move allows investors to acquire various shares in a number of economic activities including the production of solar panels, power transformers, green technology, and hybrid power plants.
The decision also paves the way for foreign ownership of hospitality and food services, information and communications, as well as professional, scientific and technical activities. The list also includes administrative services, support services, educational activities, healthcare, art and entertainment, and construction.
“Our goal is to stimulate, activate and facilitate economic activity. We want to open and expand new economic sectors, attract new investors, talent and new blood,” tweeted Sheikh Mohammed.
The seven Emirates that comprise the UAE will have the discretion to specify their own ceilings for foreign ownership of key business sectors.
