UAE Cabinet sets list of economic sectors open for full foreign ownership

Vice President, Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum, chaired today a Cabinet meeting in Abu Dhabi, and approved the positive list of economic sectors eligible for full foreign ownership of investments by 100 per cent. It includes 122 economic activities covering industrial, agricultural, and services sectors.

Sheikh Mohammed said during the meeting that the UAE has become a key destination that attracts investments and talents, as well as increase flow of investments in key sectors thanks to success opportunities it offers. “We have flexibility to keep pace with the all global changes including economic ones. We have the best investment environment and the best infrastructure in the world. Our country will continue its drive to develop its economic model,” Sheikh Mohammed said.  “We want to be a gate for production and attracting advanced technology and expertise. We support all those who have ideas to develop industries, education, healthcare, artificial intelligence, food security as well as quality of life in our society.”

Sheikh Mohammed also said during the meeting that was attended by H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister, Minister of Presidential Affairs, that the UAE controls 40% of FDI in the region with USD140 billion, noting that the objective is to promote the investment climate and partnerships to new levels. “The positive list will take everyone into consideration and our instructions are to create the best business environment for the local investors and foreign investments, which are the driver of investment in the country,” Sheikh Mohammad said.

The cabinet also approved a comprehensive medical examination system for all newborns in the country to early monitor any diseases that might affect their health in the future. It also approved the establishment of a UAE embassy in the Congo and a new consulate in Cape Town, South Africa as well as cooperation and investment agreements with Brazil, Indonesia and African countries.