|02 July, 2019

UAE offers up to 100% foreign ownership in 122 sectors

To boost economic activity in the country

Horse Racing - Dubai World Cup - Meydan Racecourse, Dubai, United Arab Emirates - March 30, 2019 Dubai's Ruler Sheikh Mohammed bin Rashid al-Maktoum, Prime Minister and Vice-President of the United Arab Emirates gestures during the trophy presentation for the Dubai World Cup Sponsored By Emirates Airline alongside trainer Saeed bin Suroor. Image for illustrative purposes.

Horse Racing - Dubai World Cup - Meydan Racecourse, Dubai, United Arab Emirates - March 30, 2019 Dubai's Ruler Sheikh Mohammed bin Rashid al-Maktoum, Prime Minister and Vice-President of the United Arab Emirates gestures during the trophy presentation for the Dubai World Cup Sponsored By Emirates Airline alongside trainer Saeed bin Suroor. Image for illustrative purposes.

REUTERS/Ahmed Jadallah

UAE made another historic announcement on Tuesday as it offered up to 100 per cent foreign ownership in 122 economic sectors.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, made the announcement on Twitter.

"Today, I chaired a session of the Council of Ministers in Abu Dhabi, during which we adopted a resolution allowing 100 per cent foreign ownership in UAE's 122 economic sectors - giving foreigners 100 per cent ownership of their investment. Sectors include agriculture, manufacturing, renewable energy, e-commerce, transportation, arts, construction, entertainment among others."

© Khaleej Times 2019

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