A committee has been formed by Department of Economic Development (DED) in Dubai to study requests from GCC nationals to allow them to set up partnership firms with foreigners - without a UAE partner.
Criteria which will be considered as part of the plan will be whether proposed projects include transfer of knowledge and technology or a well-known company to the UAE - and whether the project is a priority for the emirate's economy.
The minimum capital in each project would be Dhs10 million.
An economic feasibility study - and compliance with existing legislation on the establishment of such firms - will also be compulsory for the project to be considered by the committee.
Committee head Ahmed Ibrahim, Director of Business Registration in the Business Registration & Licensing (BRL) Sector at DED, said the initiative was part of an ongoing bid to create "a competitive and attractive business environment for regional and international investments."
He said: "Dubai is a unique and diverse commercial centre - not only in the GCC."
© 7Days 2013
