According to state-news agency WAM, the sweeping changes were authorised on 20 May by a cabinet chaired by Sheikh Mohammed bin Rashid Al Maktoum, vice president and prime minister of the UAE and ruler of Dubai.
In the meeting, Sheikh Mohammed directed the cabinet to implement a resolution by the end of the year that will allow investors, innovators and talented specialists in the medical, scientific, research and technical fields to say in the country for up to 10 years.
The cabinet also authorised a study to be released in 3Q18 that will set out further detail of how the long-term visas will be implemented.
Further, the cabinet said that a law that will allow 100% ownership foreign ownership of companies would be ready by the end of the year.
Boost to competitiveness
Currently, companies must have a local partner that owns 51% of the business. Only companies based in so-called “free zones”, such as the Dubai International Financial Centre, can be owned 100% by foreigners.
Sheikh Mohammed said both changes were expected to boost the country’s economic competitiveness, WAM reported.
“The UAE will remain a global incubator for exceptional talents and a permanent destination for international investors. Our open environment, tolerant values, infrastructure and flexible legislation are the best plan to attract global investment and exceptional talents in the UAE,” he said.
The sweeping changes are the latest in a string of measures taken by the second-largest Gulf economy to diversify away from its oil-dependence.
