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U.A.E. Backs 100% Foreign Ownership Of Local Companies - Business - Nairaland

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U.A.E. Backs 100% Foreign Ownership Of Local Companies by BrandSpurNG: 8:40am On May 23, 2018
Some investors, professionals to be given up to 10-year visas
Foreign citizens sent $45 billion abroad from U.A.E. in 2017
The United Arab Emirates is abandoning decades of restrictions on foreigners owning companies and settling in the Gulf country to help lure money and talent in a slowing economy.



The new rules, reported by the state-run WAM news agency, include allowing non-Emiratis to control a company outright and offering residency of up to 10 years to specialists in medical, scientific, research and technical fields and top students. The changes will take effect by the end of this year.



It’s the biggest recognition yet that the second-largest Gulf economy is more reliant than ever on foreign investment and an expatriate workforce at a time when the oil-dependent region faces challenges rarely seen since the 1990s.

It follows legislation in neighboring Qatar last August that granted some foreigners the right to remain indefinitely as it adapts to a year-long embargo on the country led by Saudi Arabia and other Arab nations including the U.A.E.

Like in most other Persian Gulf states, a majority of the U.A.E.’s population of 9 million consists of foreigners who are expected to leave once their employment ends and many send earnings abroad. In 2017 alone, expatriates remitted 164 billion dirhams ($45 billion), according to WAM.

“There seems to be a clear shift in policy to supporting economic activity, boosting investment and putting in place a framework to future development,” said Monica Malik, chief economist at Abu Dhabi Commercial Bank. The measures could help by increasing “investments levels, population inflows, development of new sectors especially in the technology front and reducing remittances out of the country,” she said.

While Abu Dhabi and especially Dubai have thrived on tourism, financial services and as airline hubs, the U.A.E. government is turning to science and technology to ensure the country can keep growing. The growth rate in the economy has slowed to levels last seen in 2010 and the real estate market has a glut of empty apartment blocks.

Changes to ownership rules are a significant departure from the policy of restricting foreign ownership outside so-called free zones such as the Dubai International Financial Centre. Foreigners seeking to establish businesses outside those zones, which are exempt from most local rules, must seek partnerships. U.A.E. citizens have to own 51 percent of the ventures.

“We expect a significant positive effect on foreign direct investments,” said Jaap Meijer, managing director and head of equity research at investment bank Arqaam Capital Ltd. in Dubai. “The decision should also help net immigration, which should significantly alleviate the current pressure on housing markets.”

The benchmark stock index in Dubai climbed as much as 1.4 percent, the most since April 15, before trimming the gain to 1 percent at the close. The gauge in Abu Dhabi rose 0.7 percent.

SOURCE: https://brandspurng.com/u-a-e-backs-100-foreign-ownership-of-local-companies/

Re: U.A.E. Backs 100% Foreign Ownership Of Local Companies by postbox: 7:07am On May 24, 2018
hmmmm,
Re: U.A.E. Backs 100% Foreign Ownership Of Local Companies by inoki247: 7:44am On May 24, 2018
are dey buying awa Kountri in dollar.. abi d intrest will help our country from getting cheap visa to cross nd leave d country for pipul wu lov d country so much....
Re: U.A.E. Backs 100% Foreign Ownership Of Local Companies by 1bunne4lif(m): 7:45am On May 24, 2018
good for them
Re: U.A.E. Backs 100% Foreign Ownership Of Local Companies by Nwaohafia1: 7:45am On May 24, 2018
Sheikh Mohammed bin Rashid Al Maktoum, my everyday crush.


Anyone with his contact?

1 Like

Re: U.A.E. Backs 100% Foreign Ownership Of Local Companies by Maket: 7:46am On May 24, 2018
See country having people with functioning and not death brains. COLLECT FAVOUR. They are more interested in providing jobs and infrastructure for their people, as well as to avoid importation.

14 Likes

Re: U.A.E. Backs 100% Foreign Ownership Of Local Companies by trapQ: 7:47am On May 24, 2018
Lol
Re: U.A.E. Backs 100% Foreign Ownership Of Local Companies by Tychamps(m): 7:48am On May 24, 2018
Buhari is a crook

6 Likes

Re: U.A.E. Backs 100% Foreign Ownership Of Local Companies by eagleeye2: 7:49am On May 24, 2018
Nwaohafia1:
Sheikh Mohammed bin Rashid Al Maktoum, my everyday crush.

Anyone with his contact?
Your eye big

1 Like

Re: U.A.E. Backs 100% Foreign Ownership Of Local Companies by Ijaya123: 7:49am On May 24, 2018
Strictly For Cash -James Hadley Chase
Re: U.A.E. Backs 100% Foreign Ownership Of Local Companies by Tychamps(m): 7:50am On May 24, 2018
Ijaya123:
A new dawn
Ok
Re: U.A.E. Backs 100% Foreign Ownership Of Local Companies by flyca: 7:51am On May 24, 2018
Eventually, they will start giving citizenship.

China is next grin

Maybe the next 10 years, Africans can get a permanent home in these countries, African-Arabs, African-Chinese.

Aaaa-leeee-lu-haaaaa cheesy

1 Like

Re: U.A.E. Backs 100% Foreign Ownership Of Local Companies by danie09(m): 7:52am On May 24, 2018
Nice
Re: U.A.E. Backs 100% Foreign Ownership Of Local Companies by Nwaohafia1: 7:52am On May 24, 2018
eagleeye2:

Your eye big

I think and dream big
Re: U.A.E. Backs 100% Foreign Ownership Of Local Companies by Ijaya123: 7:53am On May 24, 2018
Tychamps:

Can't see the dawn improving our country here in Nigeria

You expect Dubai to help you improve your country?
Re: U.A.E. Backs 100% Foreign Ownership Of Local Companies by ednut1(m): 7:53am On May 24, 2018
Who cursed nigeria

1 Like

Re: U.A.E. Backs 100% Foreign Ownership Of Local Companies by AngelicBeing: 7:54am On May 24, 2018
cool
Re: U.A.E. Backs 100% Foreign Ownership Of Local Companies by Moreoffaith(m): 7:55am On May 24, 2018
Nwaohafia1:

Sheikh Mohammed bin Rashid Al Maktoum, my everyday crush.


Anyone with his contact?

The guy na Muslim o

Okay take his number

090023675897

1 Like

Re: U.A.E. Backs 100% Foreign Ownership Of Local Companies by Dottune(m): 7:55am On May 24, 2018
Maket:
See country having people with functioning and not death brains. COLLECT FAVOUR. They are more interested in providing jobs and infrastructure for their people, as well as to avoid importation.
If they bring this idea to Nigeria, you will also be one of the people that will say "they want to sell our country"
Re: U.A.E. Backs 100% Foreign Ownership Of Local Companies by flyca: 7:56am On May 24, 2018
Moreoffaith:


The guy na Muslim o

Okay take his number

090023675897

Correct pass cool
I sight you sir tongue

1 Like

Re: U.A.E. Backs 100% Foreign Ownership Of Local Companies by Edge1(m): 7:57am On May 24, 2018
Nwaohafia1:

Sheikh Mohammed bin Rashid Al Maktoum, my everyday crush.


Anyone with his contact?

Wake up already. Arrange for your migration to Dubai, along with your guy. You can't get to him from a sh!th0le grin grin

1 Like

Re: U.A.E. Backs 100% Foreign Ownership Of Local Companies by Ijaya123: 7:58am On May 24, 2018
Tychamps:
Buhari is a crook

Stale & dry.

1 Like

Re: U.A.E. Backs 100% Foreign Ownership Of Local Companies by INTEGRITYA1(m): 7:59am On May 24, 2018
Nice development
Re: U.A.E. Backs 100% Foreign Ownership Of Local Companies by Tychamps(m): 8:01am On May 24, 2018
Ijaya123:

Stale & dry.
It was not intended for you to laugh
Re: U.A.E. Backs 100% Foreign Ownership Of Local Companies by Ijaya123: 8:05am On May 24, 2018
Tychamps:

It was not intended for you to laugh

It makes no sense neither.
Re: U.A.E. Backs 100% Foreign Ownership Of Local Companies by Ogonimilitant(m): 8:07am On May 24, 2018
Here in Nigeria Abokki government are opening doors to Nigierians, Chadins and Lybians Terrorists to come and invest in Nigeria.

Is UAE not a muslim country. It will never be well with Lugard that brought this calamity to us.

1 Like

Re: U.A.E. Backs 100% Foreign Ownership Of Local Companies by shevon: 8:08am On May 24, 2018
Nwaohafia1:

Sheikh Mohammed bin Rashid Al Maktoum, my everyday crush.


Anyone with his contact?
Yes, 08034210244
Re: U.A.E. Backs 100% Foreign Ownership Of Local Companies by Nobody: 8:50am On May 24, 2018
Please nairalanders help me, Am dying through hunger. I have begged many nairalanders through their various Mail but no positive response. 2108205688 UBA. USMAN
Re: U.A.E. Backs 100% Foreign Ownership Of Local Companies by Mutuwa(m): 9:10am On May 24, 2018
Maket:
See country having people with functioning and not death brains. COLLECT FAVOUR. They are more interested in providing jobs and infrastructure for their people, as well as to avoid importation.

I tell you.Only in that part of the world do you see people in power with ideas, and innovations.In Nigeria "LIGHT" alone is a plague.As soon as PHCN or whatever restore light, its either one is rushing to press his clothes or endlessly trying to charging phone.
Re: U.A.E. Backs 100% Foreign Ownership Of Local Companies by Nobody: 9:20am On May 24, 2018
Mutuwa:


I tell you.Only in that part of the world do you see people in power with ideas, and innovations.In Africa "LIGHT" alone is a plague.As soon as PHCN or whatever restore light, its either one is rushing to press his clothes or endlessly trying to charging phone.
say in Nigeria not Africa. I experienced uninterrupted power supply in the African countries I have visited.
Re: U.A.E. Backs 100% Foreign Ownership Of Local Companies by Mutuwa(m): 9:23am On May 24, 2018
majekdom2:
say in Nigeria not Africa. I experienced uninterrupted power supply in the African countries I have visited.

Noted.Thanks smiley
Re: U.A.E. Backs 100% Foreign Ownership Of Local Companies by zoedew: 9:46am On May 24, 2018
Nwaohafia1:

Sheikh Mohammed bin Rashid Al Maktoum, my everyday crush.


Anyone with his contact?

Hmmm! Child of God!!

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