UAE to allow non-nationals 100% ownership of companies starting from June
By
Wednesday May 19, 2021
Containers are seen at Abu Dhabi s Khalifa Port after it was expanded in Abu Dhabi, UAE, December 11, 2019. Reuters/File
Prerequisite of having an Emirati shareholder for a foreigner to open a company will be lifted on June 1.
It is one of several steps aimed at attracting investment and foreigners into the Gulf state.
The UAE announced the law allowing 100% foreign ownership of companies last year.
DUBAI: The prerequisite of having an Emirati shareholder for a foreigner to open a company in the United Arab Emirates will be lifted on June 1, state news agency WAM reported on Wednesday.
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UAE will be proud of its achievements, even as its focus is already on the future
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We look to contribute to the ongoing comprehensive development process aimed at achieving the UAE’s economic vision and government strategies, while optimally using available resources and capabilities.
The UAE, already one of the world s largest logistics and transportation hubs, is building an extensive rail network across the region to speed up transport of freight. Etihad Rail, which was formed in 2009, is tasked with building a rail network that extends for about 1,000km from Ghuweifat at the border with Saudi Arabia to Fujairah on the UAE’s east coast.
Upon completion, it will connect Abu Dhabi s Khalifa Port and Mussaffah with Jebel Ali port in Dubai and the Port of Fujairah.