The UAE Cabinet, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, has approved the sectors and economic activities eligible for up to 100 per cent foreign ownership in the country.The list of 122 economic activities across 13 sectors includes renewable energy, space, agriculture, manufacturing, transport, logistics, hospitality, food services, information and communications, and a host of others, according to the UAE state news agency Wam.
“Our goal is to open and expand economic sectors, attract new investors and cement the global competitiveness of our national economy,” Sheikh Mohammed bin Rashid, Prime Minister of the UAE and Ruler of Dubai, wrote on Twitter on Tuesday.
In a cabinet meeting I chaired in Abu Dhabi, we approved 100% foreign ownership in 122 economic activities in fields including agriculture, manufacturing, renewable energy, e-commerce, transportation, arts, construction and entertainment. pic.twitter.com/kTO5nqxntH
— HH Sheikh Mohammed (@HHShkMohd) July 2, 2019
The decision aims to support the growth environment and to reaffirm UAE’s position on the global arena as a hub for investment.
The decision provides investors with an opportunity to acquire various shares in a number of economic activities including the production of solar panels, power transformers, green technology, and hybrid power plants.
Areas of foreign ownership also include transport and storage, which allows investors to own projects in the field of e-commerce transport, supply chain, logistics, and cold storage for pharmaceutical products.
The Cabinet’s decision includes other areas of ownership by foreign investors, including hospitality and food services, information and communications, as well as professional, scientific and technical activities, thereby allowing for ownership in laboratories for research and development in biotechnology. The list also includes administrative services, support services, educational activities, healthcare, art and entertainment, and construction.
The UAE Cabinet approves the sectors and economic activities eligible for up to 100% foreign ownership in the UAE to enhance the growth environment for investments. #UAEGov pic.twitter.com/lKoYbWzkbt
— UAEGOV (@UAEmediaoffice) July 2, 2019
Post Your Comments