Speaking following last week's visit by US Trade Representative Robert Zoellick to the United Arab Emirates, Mohammed Al Muzakki, undersecretary with the UAE Ministry of Economy and Trade revealed that the government may consider allowing 95% foreign ownership of companies in sectors seen as beneficial to the regional economy.
Speaking to Gulf News, Al Muzakki explained that:
"We are studying this law and might change it. Foreign ownership might increase to 95 percent of the project. But this will depend on a case-by-case basis, and the company's ability to transfer technology and its services to the country."
Such a move would form part of the UAE's drive to reform its trade laws prior to the signing of a Free Trade Agreement (FTA) with the United States. The US Trade Representative announced during his visit to the region that the authorities must reform the country's agency law and investment and sponsorship laws before an FTA can be put in place.
100% foreign ownership is already allowed in the Jebel Ali Free Zone, Dubai Internet City and the Dubai International Financial Centre (DIFC).
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