The UAE Cabinet has approved sectors and economic activities eligible for up to 100 per cent foreign ownership.
A total of 122 economic activities across 13 sectors were given the green light.
These include renewable energy, space, agriculture, and the manufacturing industry. This decision opens the door for investors to buy shares in ventures like the production of solar panels and other green technology.
Other sections listed include transport and storage; hospitality and food services, information and communications; professional, scientific and technical activities; administrative services, support services, educational activities, healthcare, art and entertainment, and construction.
Local governments are to determine the ownership percentage of foreign investors in these areas, according to the government news agency, Wam.
It added that the decision aims to “support the growth environment and to reaffirm UAE’s position on the global arena as a hub for investment.”
Chaired by Dubai’s Ruler, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, the meeting was also attended by His Highness Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior.