Foreigners who set up industrial companies may be the first to have 100 per cent controlling interests in their firms under the relaxation of ownership rules, a senior Ministry of Economy official says.
International firms in certain sectors, such as industry, would be allowed to own a greater stake under the new companies law, said Mohammed al Shihhi, the director general of the Ministry of Economy, on the sidelines of an export event in Dubai.
“It will give special Cabinet approval to certain sectors to have more ownership than 49 per cent,” Mr al Shihhi said, adding that certain sectors such as industry may be allowed 100 per cent ownership. “It will offer special approval from the Cabinet for certain sectors and certain strategic projects with certain minimum capital,” he said.
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