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Economy Minister Says New Company Law Coming By Year End


UAE : 16 February 2011

A newly drafted law regarding companies is now awaiting government approval, according to the Minister of the Economy in the UAE. 100% foreign ownership could be a possibility.

A leading official in the government noted that a new law for companies is now waiting for the approval of UAE government.

A newly drafted Companies Law is now in under government consideration, according to UAE Economy Minister Sultan Bin Saeed Al Mansouri, who spoke to the media at an Abu Dhabi conference.

Al Mansouri stated that the law is headed through a process of being scrutinized, verified and amended, before being passed by government.

He added that it may be issued by the close of 2011.

The Commercial Companies Law in the UAE permits foreigners to have up to a 49 percent stake in businesses outside of the nation’s free zones, but also permits full 100 percent ownership for those companies established in those free zones.

This new law will attract more investors from across the globe into the UAE, which will result in an economic and employment boost for local businesses, according to the analysts.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
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