dubai
government is pushing for reforms to company law to allow 100 percent foreign
ownership of businesses across the uae to boost foreign investment and help
weather the global financial crisis, a senior government official said in
comments published on monday.
currently
100 percent foreign ownership is only allowed in designated areas, known as
free zones. outside these areas all companies must be at least 51 percent owned
by a uae national.
?we
are trying to push 100 percent ownership for the whole country, but dubai alone
cannot do it,? khalid al-kassim, deputy director-general of economic and sector
development at dubai department of economic development (ded) was quoted as
saying by uae daily khaleej times.
restrictions
on business ownership have been blamed for restricting foreign investment in
the uae.
kassim
also said dubai government is also considering cutting visa fees to make the
emirate more attractive to investors, according to the newspaper.
?any
fee that does not provide a service to business would be removed,? he said.
khaleej
times did not give a timeframe for the proposed changes to either foreign
ownership laws or visa fees.
