Abu Dhabi – The Abu Dhabi Department of Economic Development recently released a list of business activities that are eligible for full business ownership offered in the UAE’s capital.
Existing owners and investors who fit the category have the privilege to change their status, given that they comply with the provided regulations and restrictions set forth.
Presently, there has been no confirmation on whether additional activities will be included in the list going forward. The Economic Departments of the other emirates will soon provide their own list which is presumed to mirror the Abu Dhabi categories with limitations depending on the business structures of each emirate.
The aim of the initiative announced on 19th May 2021 is to ‘attract more foreign direct investment and support sustainable economic development’, written on a tweet published in the Abu Dhabi Department of Economic Developments’ social media account (twitter.com/AbuDhabiDED). The amended UAE Commercial Companies Law had taken full effect from 1st June 2021.
The banking and finance industry, including remittances and fintech space are activities that remain to require a UAE national as a majority partner.
The Chairman of ADDED, Mohamed Ali Al Shorafa, added, “The decision is one of many decisions and initiatives to provide incentives for the private sector in Abu Dhabi and to enhance the status of Abu Dhabi on the global investment map.”
Investors can review the list of activities approved on www.adbc.gov.ae and apply accordingly.