The United Arab Emirates cabinet approved steps on Sunday that would allow for 100 percent ownership of UAE-based businesses by foreign investors by year-end, the state news agency WAM said.
The decision is part of a wider change to the system that would grant residency visas of up to 10 years to investors and specialists in scientific, technical, medical and research fields, the agency said.
The cabinet meeting was chaired by Sheikh Mohammed bin Rashid Al Maktoum, vice president and prime minister of the UAE and ruler of Dubai. He directed the economy minister to implement the resolution and submit a study following up its impact in the third quarter of this year, WAM said.
TRENDING NOW
At present, foreigners generally cannot own more than 49 percent of any UAE firm unless it is incorporated in a special "free zone".
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Mcap of four of top 10 most-valued firms rises by Rs 65,671 crore
India's space economy set to reach USD 40 billion by 2040: Union Minister Jitendra Singh 
Germany's economy shrank, and it's facing a spending crisis that's spreading more gloom