2018-11-12
 
UAE's Economy Minister Sultan bin Saeed al-Mansouri said on Monday that Balad's government aims early next year to publish a list of sectors that would allow foreign ownership to reach 100 percent.
 
The Dubai Special Economic Zones, known as free zones, already allow full foreign ownership, but companies outside the country restrict foreign ownership by 49 percent.
 
A new foreign investment law, passed last month, allows foreigners to own more than 49 percent and up to 100 percent of UAE-based companies.
 
The law comes in the context of economic reforms aimed at stimulating investment and attracting foreign investors in light of the economic slowdown in the Gulf because of low oil prices and a decline in the real estate sector.
 
Mansouri said he would allow increased foreign ownership in sectors such as technology, space, renewable energy and industrial intelligence.
 
"These sectors are what we need to pay the most attention to attracting investment from abroad," he told a news conference in Dubai.
 
Other sectors were under consideration and the Government expected to publish a full list of sectors in the first quarter of 2019.
 
The government had previously said that a number of sectors and activities would be excluded from changes in the Foreign Investment Act, including those related to oil and gas production and exploration, land and air transport, security and the military.
 
The minister said he expected foreign investment to grow between 15 and 20 percent next year.