UAE – Mubasher: The UAE Cabinet, headed by the country’s vice president and prime minister and ruler of Dubai Mohammed bin Rashid Al Maktoum, on Tuesday announced its approval to offer 100% foreign ownership in 122 economic sectors.
Accordingly, foreigners will be offered 100% ownership of their investment in 122 sectors within the UAE, including agriculture, manufacturing, renewable energy, e-commerce, transportation, arts, construction, entertainment among others, bin Rashid said in a post on Twitter.
He also noted that local governments would set the ownership percentage in each sector based on their economic environment.
The UAE seeks to enhance and facilitate economic activity, as well as forming and expanding new economic sectors, he added.
The new policy aims to attract further investments in the country and boost its global position as a hub for investment.
As for the UAE’s ties with China, he said that the Ministry of Economy has ratified a framework agreement with the National Development and Reform Commission of the People's Republic of China on stepping up industrial capacities and investment cooperation.
