| 17 April 2024, Wednesday |

Abu Dhabi reveals list of sectors eligible for full foreign ownership

The Abu Dhabi Department of Economic Development unveiled a list of 1,105 registered commercial and industrial activities that are now open to partial or full foreign ownership in the emirate.

The move follows the UAE’s step to allow full foreign ownership of onshore companies from June 1.

“This announcement of the list of economic activities available for foreign ownership reflects the keenness of the Abu Dhabi government to attract further foreign direct investments and to promote an open and resilient competitive business environment,” Mohammed Al Shorafa, chairman of ADDED, said in a statement on Thursday.

The department is eager to continue enhancing the business environment and remove any impediments to investors in Abu Dhabi, Al Shorafa added.

Abu Dhabi’s economy is expected to grow by 6 percent to 8 percent over the next two years, driven by the oil sector, government spending, financial services and foreign direct investment. The emirate is also planning to deepen partnerships between the private and public sectors to increase the former’s contribution to the emirate’s gross domestic product.

The list of commercial activities that are open to foreign ownership is updated by the Council of Ministers, which defines the activities with a strategic impact, ADDED said.

“These activities are applied to companies licensed following the federal and local laws regulating business licensing controls according to the type of activity.”

The department also said the existing companies can adjust their status provided they comply with the regulations.

  • The National News