UAE rules out 100 pct foreign ownership

* username: rupertbu

Legislation to relax restrictions on foreign investment in the UAE will come into force later this year, but 100 percent foreign ownership of companies will not be allowed, a senior Abu Dhabi official said on Tuesday.

"It will not be 100 percent. There will be some improvement in foreign ownership from 49 percent,” Mohammed Omar Abdulla, undersecretary of Abu Dhabi's department of economic development, told reporters at a conference in Abu Dhabi,

“The law will bring some relaxation," Abdulla added, declining to be more specific.