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DUBAI: The United Arab Emirates has relaxed and removed a range of limits on foreign ownership of companies, state-run media reported Monday, in the country’s latest bid to boost its global status and attract foreign investors.
Earlier this month, the UAE announced a series of reforms to its Islamic legal code, allowing unmarried couples to cohabitate, improving protections for women and loosening restrictions on alcohol consumption.
The dramatic changes come as the UAE has spent billions of dollars preparing to host some 25 million visitors for the World Expo, which was pushed back to 2021 because of the pandemic.
The UAE also expects Israelis to join the legions of foreigners who have opened up businesses and bought apartments in the coastal cities of Dubai and Abu Dhabi following a breakthrough US-brokered normalization deal between the countries.
Dubai in particular, which was teetering on the brink of an economic downturn before the pandemic thanks to a weak real estate market, is eager for the influx of capital and travelers. COVID-19 has battered its economy, which draws largely from the tourism, hospitality and aviation industries.
The presidential decree that alters the corporate law helps the UAE “strengthen its leading position regionally and globally as an attractive destination for projects and companies,” state-run WAM news agency reported.
The reforms allow foreign entrepreneurs and investors to set up their own companies without involving local shareholders, the agency said.
That’s a welcome development for the country’s many expatriates who long had their ownership capped at 49 percent in firms outside free zones.
Other legal amendments remove quotas requiring that Emiratis hold the majority of board positions and serve as chairs for onshore companies. Companies that want to be publicly traded will be able to sell up to 70 percent of their shares instead of the current 30 percent limit.
The amendments will certainly diminish the appeal of 45 “free” zones across the UAE, where those wanting to avoid local-hiring quotas and retain full foreign ownership would set up shop.