The UAE has confirmed that UAE residents can have 100% ownership of their companies from June 1.
Previously, foreign shareholders could only control 48% of their company with an Emirati sponsor or company controlling the rest.
However, the UAE Ministry of Economy announced today that the new law will come into effect from June 1.
“The law comes in line with the UAE’s comprehensive vision to strengthen its position as a global investment destination,” said Abdulla Bin Touq Al Marri, Minister of Economy.
This all means that launching your own company in the UAE just became a lot easier. It’s hoped the move will help increase business in the region following the pandemic. And help residents stay for longer in the UAE.
Abdulla Bin Touq Al Marr also added he thinks the move will make Dubai ‘appeal as an attractive destination for both foreign investors, entrepreneurs and talents. It will further strengthen the country’s position as an international economic centre and encourage the flow of investments to the country’s vital economic sectors.
Several UAE stores boycott pro-Israel brands
Several large UAE stores have dropped pro-Israel brands from their shelves due to their support of Israel on social media.
Many residents in the Middle East have supported Palestine in the current violence by turning their social media profiles red.
And Harvey Nichols, Bloomingdales, and Farfetch have joined forces with those supporting Palestine by removing pro-Israel brand Cult Gaia from their UAE stores.
Harvey Nichols removed the Cult Gaia brand from its Dubai and Kuwait stores. And both Bloomingdales and Farfetch have removed them from sale in Dubai.