• Investment World
• eWorld
• Catalyst
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources

Group Sites

• The Hindu
• Business Line
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Vimala Vasan

Abu Dhabi , Sept. 30

FOREIGN investors will be allowed to own up to 70 per cent in investments in UAE companies if new federal law currently being prepared is endorsed, an Abu Dhabi Chamber of Commerce official revealed here, according to the official Emirates News Agency, WAM.

The law allowing foreigners to own up to 70 per cent is currently being discussed by the Government.

If passed, then ownership of investments by foreigners will increase to 70 per cent, said Mr Hussein Al Nowais, Member of the Board of Directors of the Abu Dhabi Chamber of Commerce and Industry.

Currently, local laws permit foreign ownership only up to 49 per cent in private firms, with the rest of the stake to be owned by UAE nationals, though free ones permit cent per cent ownership of companies.

Mr Nowais further urged investors to take advantage of the opportunities provided by the UAE, notably lower energy cost as compared to Europe, cheap labour and good infrastructure.

More Stories on : Foreign Direct Investment

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
`Foreign experts' controversy — Plan panel dismantles consultative groups

Copyright © 2004, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line