24 May, 2018
Article length: 96 words
UAE: Foreign ownership limits to be lifted
Federal Vice President, prime minister and Ruler of Dubai Sheikh Mohammed Bin Rashid Al-Maktoum announced on Twitter on 20 May that the UAE cabinet had voted to lift foreign ownership restrictions on businesses. It is also to introduce a ten-year visa for some groups, including investors, scientists, doctors, engineers and entrepreneurs. The decisions are due to be enforced by Q3 2018. The changes are expected to stimulate investment. Dubai-based Emirates NBD says that some of the Dh164bn ($44.7bn) that expats remit home is now likely to be invested locally.