Jebel Ali Airport City likely to allow foreign ownership

This could include 100 per cent foreign ownership of company and properties, a source close to the development, said.

Currently, a 100 per cent foreign ownership is allowed only to companies registered under free zones and, in the absence of a federal law, freehold owneship is restricted to certain areas only.

 While some components of the eight clusters of the JAAC will be free zones, others may not be. It is, however, not yet clear what the new format will be with regard to company registration, rules and regulations.

"As the global economy and regional economies integrate, we will see more 100 per cent foreign ownership being allowed in the emirate.

"The eight clusters of the overall JAAC development is being planned keeping in mind the changes in the global economy," said an official involved in the development.

"I think the government is thinking on those lines. It is a matter of time when they fully open up company ownership to foreigners."

The Department of Civil Aviation (DCA) is currently finalising the overall masterplan in coordination with other government bodies.

Anita Mehra Homayoun, DCA dirctor for marketing and corporate communications, told Gulf News yesterday, "We are looking at various options and as new information comes in, we are updating them in line with the requirements."

She did not give further details.

The Dubai Government earlier this year unveiled the JAAC project, one of the largest master-planned developments, that will add 140 square kilometres of cityscape to Dubai's skyline.

It will comprise Dubai Aviation City, Dubai Exhibition City, Commercial City and Emirates City, Dubai Logistics City, Residential City, Golf Resort, Jebel Ali International Airport with six runways, a Cargo Village, two passenger terminals and associated developments.

Beirut-based Dar Al Handasah (Shair and Partners) are designing the master plan. JAAC would take between 25 to 30 years to complete.