In continuation to the news released in September and November 2018 on UAE to attract investors and provide 100% business ownership, by providing a positive and negative list of sectors and activities where 100% ownership will and will not be allowed, another historic announcement was made.
The UAE Cabinet had already approved the negative list and they recently approved the sectors and activities eligible for up to 100% ownership. 13 sectors and a list of 122 economic activities were specified by the UAE Cabinet as approved positive list. This list includes sectors like renewable energy, space, agriculture, manufacturing and so on.
Furthermore, the foreign investors shall be allowed to invest in shares of activities including production of solar panels, power transformers, green technology, hybrid power plants as well as transport and storage that would enable them to have projects in e-commerce transport, supply chain, logistics and cold storage for pharmaceuticals.
Other sectors and activities approved included hospitality and food services, information and communications, professional, scientific and technical activities – allowing for ownership in laboratories for research and development in biotechnology, administrative services, support services, educational activities, healthcare, art and entertainment as well as construction. However, there are certain activities that would require local government approval and these activities neither fall under positive nor negative list.