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World News

100% foreign ownership in 122 UAE economic activities

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02-Jul-2019

Abu Dhabi: The UAE Cabinet on Tuesday approved a decision to make 122 economic activities open for 100 per cent foreign ownership.
 
The economic activities cover many vital sectors, including agriculture, manufacturing, renewable energy, e-commerce, transportation, arts, construction, entertainment and others and will be 100 per cent open to foreign investment.
 
The decision was approved during Tuesday’s Cabinet meeting chaired by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
 
Shaikh Mohammad tweeted: “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”.
 

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