UAE to allow 100% ownership of construction companies
Newly announced Cabinet decision covers 122 economic activities across 13 sectors, including renewable energy as well
The UAE Cabinet, chaired by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has approved the sectors and economic activities eligible for up to 100% foreign ownership in the UAE, with the list of 122 economic activities across 13 sectors including renewable energy, space, agriculture, manufacturing, hospitality and food services, information and communications, health and biotechnology, education, entertainment, and construction.
The decision provides investors with an opportunity to acquire various shares in economic activities such as the production of solar panels, power transformers, green technology, and hybrid power plants.
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
Areas of foreign ownership also include transport and storage, allowing investors to own projects in the fields of e-commerce transport, supply chain, logistics, and cold storage for pharmaceutical products.
Local governments will determine the ownership of foreign investors in these activities.
Local governments will identify relevant ownership percentages in every activity. Our goal is to stimulate, facilitate and activate business, open and expand new economic sectors, attract new investors and talents, and enhance global competitiveness of our national economy. pic.twitter.com/7BllPG5OmR— HH Sheikh Mohammed (@HHShkMohd) July 2, 2019
The Cabinet meeting was attended by HH Lt Gen Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior, and HH Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.
The decision aims to support the growth environment and to reaffirm UAE’s position on the global arena as a hub for investment, UAE state news agency, Wam, reported.