FNC Speaker favours full foreign holding for major projects

UAE Federal National Council Speaker Abdul Aziz Al Ghurair is against full foreign ownership of companies in the small and medium enterprises (SME) sector but sees no objection to it in mega projects that have a positive impact on the nation's economy.

"I believe full ownership by foreigners has both advantages and disadvantages. Full foreign ownership in the SME sector, which attracts UAE nationals, is not economically efficient and may have negative consequences," Al Ghurair told Emirates Business in an exclusive interview.

"However, when it comes to mega-size financial and industrial projects, which have an assured positive impact on the economy, then this could be fine. There should not be a law that allows foreigners to have full ownership in all projects and there should be a pre-determined percentage of ownership [in SMEs]. And this is a decision to be made by the Cabinet and by the right minister," the FNC Speaker said.