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Tue 13 Nov 2018 09:55 AM

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UAE to reveal list of sectors open to 100% foreign ownership by Q1

The UAE's FDI law is expected to increase capital inflows by as much as 20 percent, according to Minister of Economy Sultan Al Mansouri

UAE to reveal list of sectors open to 100% foreign ownership by Q1
UAE Minister of Economy Sultan Al Mansouri.

The UAE will reveal the list of sectors in which 100 percent foreign ownership is allowed by Q1 2019, according to UAE Minister of Economy Sultan Al Mansouri.

On Monday, Al Mansouri told reporters that the government believes the FDI law will increase capital inflows by as much as 20 percent next year, up from an average of 8 percent.

He added that renewable energy, artificial intelligence and technology are among the sectors that are being considered.

“There is an investment committee that will hammer the details of these sectors; these are a priority for us,” he is quoted as saying in The National.

“We feel these sectors are the ones we need to pay maximum attention to, to attract investment from overseas for the reason we don't have solid capacity in these areas.”

The committee that is examining various sectors inclusion in the regulations is slated to meet in December and will submit its recommendations to the Cabinet.

Additionally, Al Mansouri told reporters that the Ministry will establish a dedicated FDI unit which will propose other policies and programmes and will maintain a database of investments.

Under the provisions of the FDI law, there will be three categories of sectors.

The first, ‘the positive list’ will be open to FDI. A second – the ‘negative list’ – will be limited to national investment. A third category includes sectors not included in the positive list but in which FDI projects could be approved at the request of local officials and Investment Committee’s recommendation.