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UAE allows foreign ownership in 13 sectors

Dubai

THE United Arab Emirates will allow up to 100 per cent foreign ownership of some companies operating in 13 sectors, including manufacturing, agriculture, and renewable energy, state news agency WAM reported on Tuesday.

The UAE cabinet has approved 122 economic activities across 13 sectors eligible for up to 100 per cent foreign ownership, WAM said.

It did not say when the decision was made.

Gulf state UAE last year approved a new foreign investment law that would allow foreigners to own more than 49 per cent and up to 100 per cent in some UAE businesses.

Officials later said a full list of which sectors and activities the law would apply to would be published in the first quarter of 2019.

Other sectors and activities where up to 100 per cent foreign ownership will now be permitted include space, transportation, hospitality, and professional, scientific and technical activities, according to WAM.

The full list of sectors and activities the law applies to was not included in the WAM report.

Local governments are to determine how much foreign investors can own in each activity, WAM reported.

The government previously said several sectors and activities would be excluded from changes in the foreign investment law, including oil and gas production and exploration, land and air transport, and security and military. REUTERS