The UAE Cabinet, chaired by His Highness Shaikh Mohammad 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.
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.
A total of 122 economic activities across 13 sectors were specified to be eligible for up to 100 percent foreign ownership such as renewable energy, space, agriculture, and manufacturing industry.
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.
Shaikh Mohammad tweeted: “Local governments will identify the percentage of ownership in each activity according to their circumstances ... Our goal is to stimulate, activate and facilitate businesses... We want to open and expand new economic sectors .. We want to attract new investors and new talents and enhance the global competitiveness of our national economy”.
The Cabinet meeting was attended by Lt. General Shaikh Saif Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior, and Shaikh 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.