The global healthcare service provider Aster DM Healthcare announced that the UAE government has allowed 100 per cent legal ownership of its business in Dubai.
Earlier, as per UAE law requirements, nationals of the UAE were required to be the legal/registered owners of the UAE companies and the foreign investors were allowed to hold up to 49 per cent.
With the recent development, the Government of UAE granted approval of 100 per cent ownership to foreign companies in approved sectors. Subsequently, the Government of UAE released the list of sectors which could hold 100 per cent foreign ownership, in which the Healthcare sector was also included.
The completion of transfer of 100 per cent legal ownership of the subsidiaries in the Emirates of Dubai is expected to conclude by the end of current financial year.
"Dubai is a significant market for us as it contributes almost 80 per cent to our GCC business. I thank and appreciate the Visionary Rulers of UAE for this forward-looking change in law which will give impetus for more investments into the country," said Dr Azad Moopen, while sharing his views on the development, Founder Chairman and Managing Director of Aster DM Healthcare.
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