The UAE's Cabinet recently approved a historic decision that effectively makes 122 economic activities in 13 sectors eligible for up to 100 percent foreign ownership, Gulf News reported

The ruling was passed during a cabinet meeting held on Tuesday and headed by Dubai's ruler Sheikh Mohammed bin Rashid Al Maktoum. 

The session was also attended by Lt. General Sheikh Saif Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior, and Sheikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs. 

The move comes in a bid to support and reaffirm the UAE's position as an international hub for investment and will certainly encourage global investors to launch business ventures in the country.

The local government of each emirate will be handling the task of determining the ownership percentage granted to foreign investors who apply to launch businesses under the ruling. 

The decision is set to govern a total of 122 economic activities that are spread across 13 sectors.

What activities and fields does this decision cover?

Renewable energy, space, agriculture, manufacturing, hospitality, food services, and communications are all fields included in the decision. 

The economic activities mentioned as part of it include "the production of solar panels, power transformers, green technology, and hybrid power plants."

They also feature scientific and technical activities, administrative services, support services, educational activities, healthcare, art, entertainment, and construction.

The UAE is a growing global business hub

The UAE rose 10 spots in the World Bank's 2019 Ease of Doing Business report, taking the 11th place globally. 

The report, which covered data collected throughout 2018, revealed that the country is the best-performing in the MENA region when it comes to facilitating business growth "and is fast closing in to become one among the world's top 10."

At the time, Al Maktoum hailed the UAE's emergence as a "global hub for innovation, entrepreneurship and investment."

In a statement on the matter, the leader explained that "significant efforts had been made by the UAE Federal Government, and other local departments, to create a 'world-class business-friendly environment, enabling the country to vie with the best all over the world.'"

"The besetting challenges will add to the government's determination to introduce significant improvements into services and legislation, as these improvements are essential for the country to secure advanced rankings across all global competiveness [sic] indices," he added.