The decision to allow 100% ownership of 122 economic activities will go a long way in country's economic success.

Sajjad Ahmad, Gulf Today

DUBAI: The business community has hailed the UAE Cabinet’s decision to offer 100% foreign ownership in 122 economic activities. Some of the top businessmen in the country opined that the initiative approved by the UAE Cabinet will go a long way in further strengthening the business sector in the country and usher in a new era of growth and foreign investment.

Rizwan Sajan, Founder and Chairman of Danube Group said: “Once again brilliant news  — 100% foreign ownership in 122 activities in 13 sectors! Thanks to the visionary leaders for their timely decisions. I am proud to be part of the nation as a happy businessman. Steps like these will boost the investment in the country and, for a brand like us, it will directly stimulate the investment across all our businesses. Sectors such as agriculture, manufacturing, e-commerce, transportation and construction will definitely leverage from this announcement.”

Dr Azad Moopen, Founder Chairman and Managing Director, Aster DM Healthcare, said, “I am extremely happy to hear this fantastic news allowing 100% ownership for foreign national in the UAE.  This will facilitate more investments by the expat community in the country. More importantly, this will attract more investors towards the flourishing business environment  in the country. The recent moves by the UAE government like the Gold Card residency have already kick-started additional activities in the business sector. This will be definitely a fillip to the economy.”

Paras Shahdadpuri, Chairman, Nikai Group of Companies said: “Today’s decision is a path-breaking initiative by the UAE government. This initiative is extremely well-timed given the challenging business and economic environment prevailing in the region. In fact this has been a long-standing demand of the business community to own their businesses completely. Allowing 100% ownership will in fact open  up doors of foreign investment in various sectors thus generating large-scale employment opportunities, fueling economic growth and GDP. I see an interesting provision in the decision  whereby local governments can determine the extent of percentage pertaining to foreign ownership. I again take this opportunity to congratulate the UAE leadership for this wonderful initiative.”

Atif Rahman, Director and Partner of Danube Properties, said: “What the UAE thinks today, others think tomorrow. The decision to allow 100 per cent foreign ownership in local companies in 122 economic activities across 13 sectors will usher in a new era of economic growth and help boost investor confidence. The key to grow an economy is to boost industrial output and exports. Opening up the manufacturing sector for 100 percent foreign ownership is significant as more investors will set up manufacturing plants and this in turn will boost industrial development. “Also, the decision to allow local governments to determine the ownership percentage of foreign investors in these activities will help local governments to assess their requirements and determine the extent of the foreign investment allocation for each of these sectors in their emirates. “Since the UAE is largely free from direct taxation – other than the value-added tax (VAT) – we expect global industries to set up plants in the UAE’s industrial zones or invest in local manufacturing plants and expand their production base in the UAE. “With these reform initiatives and the introduction of the Gold Visa and Permanent Residency – the UAE now has gone a step ahead of others in attracting investment – which will boost the economic growth. This will create new industries and help create more jobs in the UAE. We welcome these landmark decisions.”

Kamal Vachani, Group Director, Al Maya Group welcomed the UAE Cabinet decision to grant 100% foreign ownership in 122 UAE economic activities. He said: “The decision of 100% foreign ownership in 122 economic activities, which cover many vital sectors, including agriculture, manufacturing, renewable energy, e-commerce, transportation, arts, construction, entertainment and others, will further boost the economy of the country and confidence of investors.” Vachani, who is a long-time resident of Dubai said, “this decision will further stimulate business environment and attract fresh wave of investments in the country. It will  enhance the global competitiveness of the national economy.”

 Shahzad Ahmed, Chairman and CEO of Blue Ocean Group: “This is a great piece of news which will boost foreign investment in to the UAE. This is in line with the UAE government’s decision to reform the investment and company laws to allow greater foreign partnership in local companies. This is a reflection of the visionary leadership that we are blessed with.”