09 Jul 2019
The United Arab Emirates is putting together a draft law that would enable foreigners to own up to 100% of businesses in the maritime industry, revealed Infrastructure and Development Minister Abdullah Al Nuaimi.
Al Nuaimi, who is also chairman of the UAE Federal Transport Authority, said that the legislation is expected to pass sometime in the first six months of next year, and will address a number of issues such as owning a vessel and dispute resolution.
As Arabian Business reports, a cabinet decision was taken on July 2, enabling each of the country’s seven emirates to set foreign ownership limits in various sectors.
It was revealed that a whopping 122 economic activities across 13 sectors were eligible for total foreign ownership, including renewable energy, space, agriculture, and manufacturing industry.
This new legislation will ease rules, lifting a federal requirement that has limited local companies to be owned by foreigners by 49%.
Now, the country’s seven emirates are able to open up their industries to foreign investors, who often request to have total control over the operations.