Wednesday, June 9, 2010

UAE approves final draft of foreign ownership bill

The UAE has moved a step closer to issuing a new companies law that may allow 100 percent foreign ownership in some sectors, after its ministerial committee for legislation approved the final draft.
UAE newspaper Al Ittihad said on Monday, citing the legal advisor at the ministry of economy, the draft awaited approval from the cabinet, before final endorsement from the federal national council.
The advisor, Ahmed Moussa,  there were at least five legislative projects in the works, planned for completion before the end of the year.By UAE law, only nationals are allowed full ownership of companies operating outside of free zones. The law requires foreigners to have a UAE national as a partner or sponsor to conduct business.
In February, Qatar issued a law allowing full ownership of companies for expatriates in certain sectors. (Reuters)