Complete ownership for 122 economic activities on UAE Mainland
Jaya krishnan, Partner
The much-awaited announcement regarding the activities and sectors eligible for 100 percent foreign ownership in the UAE has finally been made. Foreign investors can get complete control over 122 economic activities across 13 sectors.
The sectors include renewable energy, space, agriculture, manufacturing, transport, storage and many more. The production of solar panels, power transformers, green technology, and hybrid power plant, e-commerce transport, supply chain, logistics, and cold storage for pharmaceutical products are some of the activities included in the project.
Other areas of ownership by foreign investors include hospitality and food services, information and communications, professional, scientific and technical activities, administrative services, support services, educational activities, healthcare, art and entertainment, and construction.
According to His Highness Shaikh Mohammad Bin Rashid Al Maktoum, “Local governments will identify the percentage of ownership in each activity according to their circumstances. Our goal is to stimulate, activate and facilitate businesses. We want to open and expand new economic sectors. We want to attract new investors and new talents and enhance the global competitiveness of our national economy”.
The move has been highly appreciated by foreign investors, as it gives them the opportunity and freedom to establish their business wherever they like. Till day, foreign investors had to restrict their activities within the specific free zone. If they had to open a business on mainland, then they had to partner with a local sponsor. The new policy is a saviour for them, as it gives them complete ownership on businesses in mainland.
The new policy will not only benefit overseas investors looking to do business in the Emirates, but the overall economy of the country as well. It will provide higher levels of security to investors and eventually lead to a rise in businesses on mainland.
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