Abu Dhabi has revealed a list of 1,105 registered commercial and industrial activities that are open for ownership by non-citizens enabling them to fully or partially own companies in the emirate.
The Department of Economic Development’s announcement on foreign ownership of commercial activities comes in line with the recent Commercial Companies Law and its amendments that permit the establishment of 100 percent foreign-owned companies in the UAE.
Effective on June 1, the UAE’s amended Commercial Companies Law is expected to significantly boost business confidence in the country as it moves ahead with its post-coronavirus economic recovery
Mohamed Ali Al Shorafa, chairman of ADDED, said: “This announcement of the list of economic activities available for foreign ownership reflects the keenness of the Abu Dhabi Government to attract further foreign direct investments and to promote an open and resilient competitive business environment.
“The decision is one of many decisions and initiatives to provide incentives for the private sector in Abu Dhabi and to enhance the status of Abu Dhabi on the global investment map.”
He underlined the Department’s keenness to continue improving the business environment, by facilitating and streamlining the practice of business in the emirate and removing all impediments facing investment projects.
The list of activities available for foreign ownership is updated by decisions of the Council of Ministers, with existing companies having the right to adjust their status provided they comply with the regulations. via the Abu Dhabi Business Center website at .
With the previous sticking point of having 51 percent local ownership removed for mainland companies, the UAE is primed to benefit from a burst of inbound investors taking advantage of these changes, according to analysts.
The amendment will also boost demand for commercial space in Dubai and Abu Dhabi, according to Faisal Durrani, head of Middle East Research at Knight Frank.
“With this landmark change, the UAE has unlocked its potential to emerge as a key global contender business headquarters, which were previously confined to free-zones across the country,” he added.
The law amendments are the latest in a series of initiative aimed at liberalising business activity in the UAE – such as the Digital Nomad visa or the 10 year residency for entrepreneurs, scientists, engineers – the most recent being Dubai Next a digital platform announced on Wednesday that allows ambitious youth and innovators to secure the required funding to launch their projects.
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