The UAE Government’s latest decision allowing full ownership by foreign nationals of their businesses will only accelerate what’s already been happening at the ground level in the last two to three years. What the new Presidential Decree does is open up more business categories to be launched without the need for a UAE national - or Emirati-owned company – as a partner/sponsor.
Because investments, cutting across sectors, have been coming into the country where full ownership is with the foreign entity. India’s $113 billion Tata Group is opening multiple stores in Dubai and elsewhere in the UAE for its jewellery and watch brands – Tanishq and Titan - through a wholly-owned subsidiary.
Abdullah bin Touq Al Marri, UAE Minister of Economy, said the new decree is an additional step in a series of efforts that the UAE is taking to raise the readiness of the national economy and prepare for the future by developing commercial and investment opportunities and increasing the competitiveness of the business environment, in line with the rapid economic changes and developments taking place in the global economy.
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