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10 Jul 2019, Petia Krasteva, EMIS Editor

UAE to allow foreigners own 100% of maritime firms

The UAE plans to allow foreigners to hold up to 100% of businesses in the maritime industry, Arabian Business reported citing Infrastructure and Development Minister Abdullah Al Nuaimi as saying. The measure comes after earlier this month the government decided to allow each of the country's seven emirates to set foreign ownership limits in various sectors in bid to attract more investments.

According to Arabian Business, full foreign ownership of firms will be allowed in some 122 economic activities across 13 sectors. Up to now foreigners could not own more than 49% of local firms. The respective legislation is expected to be adopted in 2020.

Sign in and read the full article in emis.com, and find out more about EMIS. Original source: Arabian Business