U.A.E. Raises the Stakes to Stop Foreigners From Leaving Dubai - Bloomberg

U.A.E. Raises the Stakes to Stop Foreigners From Leaving Dubai - Bloomberg:

"The United Arab Emirates is taking its most drastic steps yet to stop Saudi Arabia or Qatar from encroaching on its lead in attracting foreign investors.

In an unprecedented departure in policy, the U.A.E. will soon allow foreigners to fully own their businesses in Dubai or Abu Dhabi without a local partner. In some cases, professionals will even be entitled to 10-year residency permits.

More than anything, the country’s decision shows how the economic interests of the six oil-producing Gulf Cooperation Council are diverging as crude’s dominance wanes. To survive a global shift away from fossil fuels, they’ll not only need money and talent, but they’ll also have to compete with each other to get it."



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