We have now received more information about the long-awaited 100% Foreign ownership law which is to come into effect in the UAE. According to legal sources, the “Negative List” has been issued where it contains 14 industries which cannot be permitted for full foreign ownership. The list includes:
- Oil exploration and production;
- Banking and financing activities;
- Pilgrimage and Umrah services;
- Certain recruitment activities;
- Water and electricity provision;
- Fishing and related services;
- Post, telecommunication and other audio-visual services;
- Road and air transport;
- Printing and publishing;
- Commercial agency;
- Medical retail (including pharmacies); and
- Blood banks, quarantines, and venom/poison banks.
The UAE Cabinet has said that the law will come into implementation by the end of the year 2018. The new law will grant Investors and specialists such as doctors and engineers visa valid up to 10 years. Student visa policy is also under review to extend the visa validity up to 5-10 years in order to ease the stay after the education.
The aim is to attract huge investors and have a hub for creative talent. However, the “Positive list” will be issued in near future.