Apple Said to Plan Dubai Stores After Winning Exemptions - Bloomberg Business

Apple Said to Plan Dubai Stores After Winning Exemptions - Bloomberg Business:



"Apple Inc. has been granted an exemption from foreign ownership laws in the United Arab Emirates that will allow it 100 percent control of operations in the country, according to two people with knowledge of the matter.



The dispensation was a condition for the world’s largest listed company to set up in the U.A.E., the people said, asking not to be identified as the plans are private. Apple will open its first Middle East store in Dubai this year and then Abu Dhabi after securing the privileges, according to the people.



Under local regulations, all businesses operating in the U.A.E. must be 51 percent owned by Emiratis or a company wholly owned by them unless they are based in free-zones. The government is working on a new foreign investment law that would allow 100 percent foreign ownership in some industries, Minister of Economy Sultan Al Mansoori said in March."



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