Mohammad Saleh Shelwah, assistant undersecretary for economic policies affairs at the Ministry of Economy, told Gulf News that it would be up to the federal cabinet to set the percentage for foreign investors in projects in the UAE, the second largest Arab economy and foreign investment destination after Saudi Arabia.
'The UAE has completed the drafting of a long-awaited law that could allow foreign investors to have a varied percentage of ownership in some projects, depending on the type of investment and size of the project. [The law] is awaiting final approval before it is enforced this year,' Shelwah said.
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