Speaking on Saturday, the UAE's Minister of Economy and Planning, Shaikha Lubna Al Qasimi revealed that under the terms of the draft UAE Company Law, majority foreign ownership of certain businesses within the Emirates would be permitted.
Under current rules, overseas ownership of UAE firms is capped at 49%.
Other provisions contained within the draft legislation, which has yet to be approved by the authorities in each of the Emirates, include the creation of an independent regulator for the insurance sector, changes to bring the region more into line with WTO requirements, and new rules designed to increase transparency with regard to the trading of securities and commodities.
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