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U.A.E. Backs 100% Foreign Ownership of Local Companies

Some investors, professionals to be given up to 10-year visas
Foreign citizens sent $45 billion abroad from U.A.E. in 2017

Video player cover image — Franklin Templeton’s Kronfol discusses the U.A.E.’s move to abandon restrictions on foreigners owning companies. (Source: Bloomberg)

By

Abbas Al Lawati

May 20, 2018, 10:23 AM UTCUpdated onMay 21, 2018, 10:34 AM UTC

The United Arab Emirates is abandoning decades of restrictions on foreigners owning companies and settling in the Gulf country to help lure money and talent in a slowing economy.

The new rules, reported by the state-run WAM news agency, include allowing non-Emiratis to control a company outright and offering residency of up to 10 years to specialists in medical, scientific, research and technical fields and top students. The changes will take effect by the end of this year.