Foreigners may get full business ownership

International companies would be allowed to hold 100 per cent ownership of businesses they establish in the UAE under proposed changes to legislation aimed at boosting foreign investment.

Currently, foreigners must have a UAE national as a sponsor and are limited to a maximum 49 per cent ownership of businesses in the Emirates, except in free zones scattered about the country.

The new industry law would open the door for hi-tech firms offering large capital investments to set up operations here as the Government seeks to expand its industrial base and create new jobs.