The United Arab Emirates has relaxed and removed a range of limits on foreign ownership of companies, state-run media reported Monday, in the country's latest bid to boost its global status and attract foreign investors.
The overhaul signals yet another startling change for the federation of seven desert sheikhdoms as it grapples with the economic fallout of the pandemic.
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The dramatic changes come as the UAE has spent billions of dollars preparing to host some 25 million visitors for the World Expo, which was pushed back to 2021 because of the pandemic. The emirates also expect Israelis to join the legions of foreigners who have opened up businesses and bought apartments in the coastal cities of Dubai and Abu Dhabi following a breakthrough US-brokered normalization deal between the countries.
The presidential decree that alters the corporate law helps the UAE "strengthen its leading position regionally and globally as an attractive destination for projects and companies" the state-run WAM news agency reported.
