Baaghi TV: Abu Dhabi has passed a law on foreign direct investment, which gives foreign investors 100% ownership of their businesses.
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This law will allow foreign investors to benefit from their business, who would have invested at least 2 million dirhams. It will apply to 122 sectors, including agriculture and industry. Earlier, foreign investors were allowed to own up to 49% of businesses. Once the ban is lifted, foreigners will be allowed to have full control of businesses.
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Work on the law has been under way since 2018, but its formal implementation began in April 2020. According to the law, 13 sectors are currently on the negative list. The negative list also includes banking and insurance business.
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Officials say the law will increase foreign investment and remittances in Dubai. Dubai’s exports will also increase. The permit will apply to agriculture, manufacturing, alternative energy, e-commerce, transport, arts, construction and entertainment.
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The UAE’s capital, Abu Dhabi, has the world’s largest oil reserves with a daily output of 3 million barrels. In addition, the UAE is the largest recipient of foreign direct investment in the Arab world, receiving 11 billion last year.
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