UAE approves 13 sectors eligible for up to 100% foreign ownership

The UAE will allow up to 100 percent foreign ownership of some companies operating in 13 sectors, including manufacturing, agriculture, and renewable energy, state news agency WAM reported on Tuesday.

The UAE cabinet has approved 122 economic activities across 13 sectors eligible for up to 100 percent foreign ownership, the report said.  

The emirate last year approved a new foreign investment law that would allow foreigners to own more than 49 percent and up to 100 percent in some businesses.

Other sectors and activities where up to 100 percent foreign ownership will now be permitted include space, transportation, hospitality, and professional, scientific and technical activities, according to WAM.

Local governments are to determine how much foreign investors can own in each activity, WAM reported, suggesting some emirates could apply different limits to foreign ownership in the same sector or activity.

The government previously said several sectors and activities would be excluded from changes in the foreign investment law, including oil and gas production and exploration, land and air transport, and security and military.