“The amended Commercial Companies Law aims at boosting the country’s competitive edge and is a part of UAE government efforts to facilitate doing business,” Minister of Economy Abdulla bin Touq Al Marri was quoted as saying.
The UAE announced the law allowing 100% foreign ownership of companies last year – one of several steps aimed at attracting investment and foreigners into the Gulf state, which was badly hurt by the coronavirus crisis.
A previous foreign investment law in 2018 allowed foreigners to own up to 100% of some businesses, and foreigners could already own up to 100% of those registered in designated business parks known as “free zones”.
Source: Economy - investing.com
