UAE to allow foreign ownership this year, says Mansouri

10 March 2010

The UAE's economy minister, Sultan bin Saeed al-Mansouri, has said the government will draft a law allowing foreign ownership of companies within a month, and plans to pass the measure by the end of the year, Bloomberg has reported. Under the existing law, foreign companies must have UAE nationals as their sponsors and are limited to a maximum 49% ownership of businesses, except in free zones.

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