UAE's company law won't allow 100% foreign ownership, says official

An Abu Dhabi government official said today that the UAE's new companies law will ease foreign ownership restrictions but will fall short of allowing 100% ownership, Reuters has reported. 'The new companies law in the UAE will make a relaxation in foreign ownership. It will not be up to 100%, it will be more than 49%,' Mohammed Omar Abdulla, undersecretary of Abu Dhabi's department of economic development, was quoted as saying. The new law is expected to come out in 2010.