The UAE Cabinet, chaired by Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has approved the sectors and economic activities eligible for up to 100 percent foreign ownership.
The decision aims to support the growth environment and to reaffirm UAE’s position on the global arena as a hub for investment, state news agency WAM reported on Tuesday.
A total of 122 economic activities across 13 sectors were specified to be eligible for up to 100 percent foreign ownership including renewable energy, space, agriculture, and manufacturing Industry.
WAM said the decision provides investors with an opportunity to acquire various shares in a number of economic activities including the production of solar panels, power transformers, green technology, and hybrid power plants.
Areas of foreign ownership also include transport and storage, which allows investors to own projects in the field of e-commerce transport, supply chain, logistics, and cold storage for pharmaceutical products.
The Cabinet’s decision also includes hospitality and food services, information and communications, as well as professional, scientific and technical activities, thereby allowing for ownership in laboratories for research and development in biotechnology, administrative services, support services, educational activities, healthcare, art and entertainment, and construction.
The decision abolishes a decades-old law that limits foreign ownership to just 49 percent.
Local governments will determine the ownership percentage of foreign investors in these activities, WAM added.
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