U.A.E. to Allow 100% Foreign Ownership of Maritime Businesses
U.A.E. to Allow 100% Foreign Ownership of Maritime Businesses
(Bloomberg) -- The United Arab Emirates is preparing a draft law that would allow foreigners to own up to 100% of businesses in the maritime industry in accordance with specific criteria, Infrastructure and Development Minister Abdullah Al Nuaimi said Sunday in Abu Dhabi.
The legislation, which is expected to pass in the first half of 2020, will address areas ranging from vessel ownership to dispute resolution, according to Al Nuaimi, who’s also chairman of the U.A.E Federal Transport Authority. The minister referred to a cabinet decision on July 2 that allows each of the country’s seven emirates to set foreign ownership limits in various sectors.
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