Rush to take 100% company ownership after UAE law change

Dozens of foreign investors in Dubai have taken advantage of the amended Commercial Companies Law, allowing them to establish and fully own onshore companies in the first couple of days since it came into effect.

The commercial activities in which full ownership was sought include general trade, contracting, jewellery, gold, pearls, luxury watches, foods, as well as cars and trucks trading.

In the industrial category, full ownership was sought in the metals and construction, flooring, building materials, foods, water production and paints sectors. A kindergarten, an elementary and middle school, and a hotel also sought 100 percent ownership.

Full foreign ownership is available for more than 1,000 commercial and industrial activities excluding economic activities with a strategic impact.

The amendments aim to boost the UAE’s appeal as an attractive destination for both foreign investors, entrepreneurs and talent and are designed to further strengthen the country's standing as an international economic centre and encourage an investment flow to vital economic sectors.

In a tweet on Thursday, the official Dubai Media Office said that a total of 59 investors had taken steps to take 100 percent ownership following the June 1 launch.

Investors seeking full ownership can complete the procedures as required through the Invest in Dubai digital platform, it said in another tweet.

Back in November, the UAE confirmed the changes to its commercial company ownership laws in a tweet and was seen by industry experts back then as the latest move to make the country more expat-friendly.