The UAE cabinet meeting which took place in Abu Dhabi on Tuesday, was led by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
During the meeting the cabinet announced that certain economic activities and sectors such as renewable energy, agriculture, e-commerce, manufacturing industry, space and such will be open to 100% foreign ownership in the UAE.
Also 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.
HH Sheikh Mohammed made the announcement on his Twitter handle earlier today
This translates to: “Today, I presided over a cabinet meeting in Abu Dhabi, during which we adopted 122 economic activities in the country to ownership up to 100% for foreigners. Sectors such as agriculture, manufacturing, renewable energy, e-commerce, transport, arts, construction, recreation, etc. will be 100% open for foreign investment”
HH Sheikh Mohammed
This is a great opportunity for potential investors and future business owners in Dubai
It’s almost as if you’ve been handed a golden ticket if you were planning on taking up ownership of or investing in any of these 13 sectors. The announcement also means you will be eligible to gain 100% ownership over transport, cold storage, logistics and pharmaceutical products.
Overall this decision is to take a step forward in attracting young talent and fresh entrepreneurs to invest in the UAE, this would then support the growth environment within the country.
HH Sheikh Mohammed states how this decision will benefit the UAE’s economy
“Local governments will determine the percentage of ownership in each activity according to their circumstances… Our goal is stimulation, activation and facilitation… And we want to open and expand new economic sectors.. And we want to attract new investors And new Talents And new blood.. And to establish a global competitiveness of our national economy.”
HH Sheikh Mohammed