100% foreign ownership ‘a good idea’ ? Dubai trade chief – Politics & Economics

100% foreign ownership ‘a good idea’ ? Dubai trade chief

By Shane McGinley

Wednesday, 15 December 2010 6:22 PM

Under current UAE laws, foreigners can only own a maximum of 49 percent of businesses, with an Emirati sponsor holding the remaining 51 percent

Under current UAE laws, foreigners can only own a maximum of 49 percent of businesses, with an Emirati sponsor holding the remaining 51 percent

A leading figure in the Dubai trade sector has called on authorities to consider easing regulations in relation to foreign ownership of companies in the emirate.

?Personally, I think if there is a viable project and huge investment I think it is a good idea to give them 100 percent ownership, even outside the free zone,? Saed Al Awadi, CEO of Dubai Export Development Corporation (DEDC), a unit of the Department of Economic Development (DED), told reporters.

Under current UAE laws, foreigners can only own a maximum of 49 percent of businesses, with an Emirati sponsor holding the remaining 51 percent. The exceptions are the free zones, which allow 100 percent ownership..

In November it was reported the UAE government plans to liberalise regulations in the trading of services and goods by professional services.

via 100% foreign ownership ‘a good idea’ ? Dubai trade chief – Politics & Economics – ArabianBusiness.com.

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