UAE to ease visa rules to allow 100% foreign business ownership by year-end

The decision is part of wider change that would grant residency visas of up to 10 years to investors and specialists in scientific, technical, medical and research fields

The United Arab Emirates cabinet approved steps on Sunday that would allow for 100 percent ownership of UAE-based businesses by foreign investors by year-end, the state news agency WAM said.

Home to financial hubs Abu Dhabi and Dubai, is also loosening its residency laws and will grant long-term visas for up to 10 years to investors and highly-skilled professionals.

The decision is part of a wider change to the system that would grant residency visas of up to 10 years to investors and specialists in scientific, technical, medical and research fields, the agency said.

The cabinet meeting