UAE approves 100% Foreign ownership starting 1st of June 2021

The Ministry of Economy had announced the Federal Commercial Companies Law No. 2 of 2015 that was previously amended to be finally put in effect. Effective 1st June 2021, the Government of the United Arab Emirates (UAE) will allow foreign investors to fully own local companies with certain activities without an Emarati sponsor. The activities considered to have strategic impact on the UAE's economy will be applied under the amended law and can be applied to both old and new onshore licenses. Various activities from oil and gas, telecom, commercial agency, banking insurance, labour supply, and utilities' sectors, however, will not be included in the recent amendment. But considering UAE's open foreign direct investment policy, these also may be revised in future. In line with the UAE's comprehensive vision to strengthen its position as a global investment destination, the amendment to [...]