The UAE has built a boisterous economy by continuously shaking up its laws to ensure they keep up with the world as it advances. As part of these efforts, Emirati officials started changing foreign ownership laws in the country and continue to do so today.
This week, Ruler of Dubai Sheikh Mohammed Bin Rashid Al Maktoum announced that 122 economic activities will now be open for full foreign ownership. In a statement published by the Emirati state news agency WAM, Al Maktoum said, "We have the flexibility to keep up with the economic developments and changes around the world."
"We want to be a gate for production and attracting advanced technology and expertise. We support all those who have ideas to develop industries, education, healthcare, artificial intelligence, food security as well as the quality of life in our society," he added.
A look into the activities now open to foreign investors
The 122 economic activities are based in various sectors and cover tens of industries, including:
The industrial sector (51 activities):
- Manufacturing food and drink products
- Aircraft repair
The services sector (52 activities):
- Scientific research and development
The agricultural sector (19 activities):
- Cultivation of grains
The UAE previously opened several other sectors to foreign ownership
In 2018, the UAE issued Federal Law No. 19 on Foreign Direct Investment (FDI). With that, the country's market opened up to foreign investment.
The legislation came at a time when the UAE was looking for ways to safeguard its economy and push it forward amid slumps in oil sale revenues.
In July 2019, another set of 122 economic activities in 13 sectors were opened up for 100 percent foreign ownership.
The list featured sectors that are considered vital to the UAE's economy including renewable energy, space, agriculture, and manufacturing.