Riyadh, Saudi Arabia – The United Arab Emirates will allow up to 100% foreign ownership of some companies operating in 13 sectors, including manufacturing, agriculture, and renewable energy, state news agency, WAM reported on Tuesday.
The UAE cabinet has approved 122 economic activities across 13 sectors eligible for up 100% foreign ownership, WAM said. It did not say when the decision was made.
Gulf state UAE last year approved a new foreign investment law that would allow foreigners to own more than 49 percent and up to 100 percent in some UAE business.
Officials later said a full list of which sectors and activities the law would apply to wpuld be published in the first quarter of 2019.
Other sectors and activities where up to 100% foreign ownership will now be permitted include space, transportation, hospitality, and professional, scientific and technical activities, according WAM.
The full list of sectors and activities the law applies to was not included in the WAM report.
Local governments are to determine how much foreign investors can own in each activitiy, WAM reported, suggesting some emirates could apply different limits to foreign ownership in the same sector or activity.
The government previously said several sectors and activities would be excluded from changes in the foreign investment law, including oil and gas production and exploration, land and air transport, and security and military.
The foreign ownership law is one of a series of economic reforms aimed at spurring investment and attracting foreign investors amid an economic slowdown in the Gulf.
Foreigners could already own up to 100% of business registered in designated business parks known as “free zones”.
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