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UAE’s foreign investment law set ‘to boost industrial expansion’

Economy minister hails new law which allows 100% foreign ownership in specific sectors

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UAE’s proposed foreign investment law is expected to create significant investment opportunity in the industrial sector, according to a news report.

The new law paves the way for a 100 percent foreign ownership in specific sectors, extending the UAE’s “open-door” policy adopted to attract foreign investors and make it easier for regional and international businesses to enter the local market, The National quoted Sultan Al Mansouri, Minister of Economy, as saying.

The law, he said, was expected to create significant investment opportunities in the coming years, especially in the industrial sector.

In October, it was reported that the law is would be discussed by the UAE cabinet and Federal National Council for discussion. The newspaper did not give any details on when the law will be issued.