Dubai has allowed partnerships between GCC investors and foreigners without Emirati sponsorship, on condition that investors finance projects through capital inflows, the Department of Economic Development in Dubai (DED) said. Mohammad Shael Al Sa’adi, CEO of Business Registration & Licensing Sector at DED, told Gulf News: “GCC nationals can have foreign business partners without third local party in Dubai for any project worth a minimum of Dh10 million and based on foreign knowledge and finance.”
“These investments should come under the categories of enabled sectors like industrial, services, tourism or other businesses that add critical value to the emirate’s economy.” Al Sa’adi also stressed that another compulsory condition for this new initiative is that investors move the business headquarters to Dubai and engage experienced professionals. “One more of these businesses conditions is there should focus on the quality of the employees rather than quantity. All workers should fall under the skilled worker category.”
GCC nationals and foreigners can form partnerships without Emirati sponsorship | GulfNews.com
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