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UAE Changes Foreign Ownership Laws to Boost Economy
The Dubai Fountain in downtown Dubai, United Arab Emirates. (WIkimedia Commons)

UAE Changes Foreign Ownership Laws to Boost Economy

The United Arab Emirates will allow foreign businesspeople and investors to own companies in the country without requiring local shareholders, according to reports citing state-run media. The announcement on Monday appears to be an effort to attract more foreign investors amid the economic downtown brought on by the global coronavirus pandemic. The corporate law was changed by presidential decree. The law previously capped ownership by foreigners at 49 percent outside of the country’s 45 free-trade zones. The change also will remove the requirement that Emiratis hold the majority of board positions at foreign-owned companies and will allow publicly traded companies to sell up to 70 percent of their shares. The changes will take effect in six months. Israelis are expected to open businesses and purchase apartments in the UAE in the wake of the normalization of relations.

This holiday season, we ask you to give the gift of trusted news…

Dear friends,

The Media Line is always there to report to you the stories and issues of the Middle East – completely and in context: TML is the source you can trust.

Know The Media Line to Know The Middle East!

Please support our ad-free, nonprofit news agency. Our seasoned journalists reporting from the Middle East are working day and night during these challenging, yet defining times; and our student interns are honing their knowledge and skills, preparing to emerge as tomorrow’s journalists.

You rely on us and we’re relying on you! Make your online tax-deductible donation here and contact us regarding donations through appreciated stock, donor advised funds, qualifying IRA distributions and other charitable instruments.

Thank you and best wishes to you and yours this holiday season.
Felice Friedson
Founder, President

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