In the UAE, will revise the rules of property ownership for foreigners

Over the next two months to the Cabinet of Ministers of the United Arab Emirates will be sent a bill to change the ownership of the property rights for the companies established by foreigners in the UAE. As part of this legislative initiative to the founders of foreign companies allowed to be 100-percent owner of organized business in the UAE, said on Sunday National newspaper. Currently, if a company is not in the free economic zone, its foreign organizers are required to have a co-signer to nationality in the UAE, and can not hold more than 49% of the shares. "Over the next two months, the law must be finalized. We are particularly interested in certain market sectors, in particular the sectors of high technology and high value added production, "- said the Minister of Economy Sultan Al Mansouri journalist Gulf News during the inspection of the Abu Dhabi Company cooperators. The adoption of this bill will allow technology companies to make large investments in the UAE and in the long run lead to the fact that the economy of the country will cease to be overly dependent on revenues from oil production. On this Site www.arabianbusiness.com