The United Arab Emirates cabinet has approved a draft companies law that may allow foreign ownership above 49%, state news agency WAM reported on Sunday, as the Gulf state seeks to attract more investment to help diversify its economy.
The law allows the cabinet to specify the types of businesses and sectors where a foreign partner may hold more than 49 percent of a company's capital, WAM said.
Currently, there is a maximum 49 percent ownership limit for listed companies, and foreigners need a UAE national or partner to conduct business, although full foreign ownership is permitted in "free zones."
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