The photo has been used for illustrative purposes.
President His Highness Sheikh Khalifa Bin Zayed Al Nahyan has issued a decree overhauling foreign ownership rules of commercial companies.
The business community in the UAE warmly welcomed this great move.
Bilal Moti MRICS, Managing Director of Windmills Real Estate Valuation Services told Gulf Today that the UAE is marching ahead fast on the road of globalisatiion leadership, faster than most countries in the world.
This great initiative is the most distinguished facilitation to investors, entrepreneurs and businessmen since the independence day of the country.
“The decision will undoubtedly attract and welcome new and large investment in the country. It will also be conducive to perpetuate existing business established by expatriate community.”
This is indeed the most pragmatic way to develop the country organically and inorganically, and broadcast the image of openness, ease and flexibility to the investor world.
Sanjeevv Bhatia, CEO, SB Group and NETIX Global BV, said: "By revamping foreign-ownership laws, UAE is taking a giant leap towards economic diversification. This move will elevate UAE's position in the Ease-of-Doing-Business index by several notches."
“We can expect unprecedented dynamism in the business ecosystem instantly, in terms of IPOs, equity-based financing and entry of major venture capitalists from across the globe. Kudos to the UAE leadership for this monumental decision, which I'm sure will be looked back as a landmark some day.”
Leena Parwani, Founder and CEO of LPH Financial Services mentioned that the UAE’s decision to allow 100% foreign ownership of companies comes at the right time. This reflects the pragmatism of the UAE Government and its Vision to help private sector and attract more investment into the UAE.
“This decision will go a long way in attracting foreign investment into the UAE.
Chandra Dake, CEO, Dake Rechsand, said: "This move will make the UAE an even more attractive investment destination and commercial hub for international entrepreneurs and investors. It will also result in increased accountability and focus on business growth, rather than a diversion of energies towards internal stakeholder management.
Ali Rao, Group CEO, Elixir Group, said: "The first of a kind in the GCC region, the 100% ownership of the business in the UAE will boost FDI, investment flows, recoup the economy affected by the COVID-19. The revolutionary step will also greatly encourage entrepreneurs to start new ventures and expand locally, regionally and globally.
Sachinn J Laala.
Sachinn J Laala, CEO of Shopper marketing agency Liquid, said: Today’s announcement signals great news for the UAE economy – and of course overseas investors looking to do business in the Emirates.
Regional and multi-national financial institutions are rolling out digital platforms to transform customer experiences, optimise costs, and meet data regulations. As a result, Clifford Chance says Mena’s Fintech market will top $2.5 billion by 2022.
This is another testament to the success of the country's financial and economic vision and policies, and the strength and stability of its economic, financial and credit sectors.
The 100 per cent foreign ownership in the UAE is indeed a great step forward among a series of other reforms that the UAE has boldly undertaken over the years to increase cost competitiveness.
Anum Baqai pointed out that the UAE will have a bright future with the convening of the Expo 2020 Dubai in early October, and "we have great expectations and are certain of the success of this event." Baqai expressed her happiness to be in the UAE, where she has been residing for 11 years.
Mercury Payments Services was acquired by Unitey Digital in January 2022 to democratize financial services for a large unaddressed market in UAE.
As per the figures made available by MarkNtel Advisors, the "UAE Luxury Eyewear Market" is anticipated to grow at a CAGR of around 4.2 per cent during the forecast period from 2022-27.
World stocks rose in holiday-thinned trade on Monday, helped by a bounce in oil as concerns over tight supply outweighed recession fears.