Companies in art and construction are among 13 sectors eligible for up to 100% foreign ownership under a law ratified last year in the UAE.
The UAE Cabinet this week approved a list of sectors and economic activities eligible for complete foreign ownership in a reform geared to stimulate growth and attract global investment.
Interior design and fit-out have not been specifically mentioned, but they may be included under the broad construction umbrella – one of the 13 sectors and 122 economic activities cleared for foreign ownership.
Alongside art and construction, the list includes agriculture, entertainment, hospitality, manufacturing, renewable energy, transport and storage.
Other economic activities include laboratories for research and development of biotechnology.
In a cabinet meeting I chaired in Abu Dhabi, we approved 100% foreign ownership in 122 economic activities in fields including agriculture, manufacturing, renewable energy, e-commerce, transportation, arts, construction and entertainment. pic.twitter.com/kTO5nqxntH— HH Sheikh Mohammed (@HHShkMohd) July 2, 2019
The UAE Cabinet was chaired by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, who said the government’s goal is to enhance the “competitiveness” of the country’s economy.
Local governments will be responsible for deciding the number of foreign owners versus local partners in companies now eligible under the regulatory reform.
The UAE Cabinet also approved a law governing controls on textile products. It is designed to raise the quality of textile products and develop technical regulations to ensure fabrics do not pose a health risk to people, according to state news outlet WAM.