UAE opens up economy, allows 100% foreign ownership of firms: Report

Dramatic changes come as it prepares to host 25 mn visitors for the World Expo

Foreigners opening a company in the United Arab Emirates no longer need an Emirati shareholder or agent under changes to UAE company law, state news agency WAM reported on Monday.

Until now, companies in the UAE had needed a certain shareholding to be held by Emirati nationals, or an Emirati agent, depending on what type of company it was.

“The amendments allow foreign entrepreneurs and investors to fully establish (own 100 per cent) and own companies without any nationality requirements,” WAM said.

“The condition requiring a foreign company wishing to open a branch in the country to have an agent