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Danube's Atif Rahman lauds UAE's 100% foreign ownership rule

Real estate company's director and partner says new law and recent visa updates to drive property, industrial investments

Atif Rahman, Danube Properties.
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Atif Rahman, Danube Properties.

Director and partner at Dubai-headquartered real estate developer Danube Properties, Atif Rahman, has praised the UAE Cabinet's recently announced decision to allow 100% foreign ownership in 122 economic activities across 13 sectors, including renewable energy and construction. 

Commenting on the move, approved during a cabinet meeting chaired by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, Rahman said: “What the UAE thinks today, others think tomorrow.

"The decision will usher in a new era of economic growth and help boost investor confidence as well as increase foreign direct investment into the UAE.

"Opening up the manufacturing sector for 100% foreign ownership is significant and will boost industrial development."

Rahman said the stipulation that local governments would determine the percentage of foreign ownership in each activity would also help regulate the process in a systematic way. 

He continued: “Since the UAE is largely free from direct taxation – other than the value-added tax – we expect global industries to set up plants in the UAE’s industrial zones or invest in local manufacturing plants and expand their production base in the UAE.

“With these reform initiatives and the introduction of the Gold Visa and Permanent Residency – the UAE now has gone a step ahead of others in attracting investment – which will boost the economic growth.

"This will create new industries and help create more jobs in the UAE. We welcome these landmark decisions.”

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Construction Week - Issue 749
Sep 15, 2019