UAE to allow 100% foreign ownership of businesses

The government of the United Arab Emirates announced by decree today that foreign investors can fully own local companies without the need for an Emirati sponsor. Sheikh Khalifa bin Zayed Al Nahyan, president of the UAE, issued the decree, which replaces the Commercial Companies Law No. 2, passed in 2015. Under current UAE law, foreign shareholders can own a up 49% of a locally registered company, with a local partner holding the 51% majority.  However, several sectos deemed strategic are exempt from the new rules announced today. These include energy and hydrocarbons, telecommunic...