New Amendments Change the UAE's Business World
Ever since November last year, a set of moves had been designed to make the UAE more approachable to expats.
Dozens of foreign investors in Dubai have exploited the amended Commercial Companies Law, which allows them to install and fully own onshore companies in the first couple of days since it came into effect.
Full foreign ownership is available for more than 1,000 commercial and industrial activities but it doesn't affect economic plans with a strategic impact.
The amendments are introduced to promote the UAE’s appeal as an attractive destination for both foreign investors, entrepreneurs and talent. They are designed to keep the country's standing as an international economic centre popular and encourage an investment flow to vital economic sectors.
The official Dubai Media Office tweeted that a total of 59 investors had taken steps to take 100 percent ownership after the June 1st launch. Another tweet explained that investors seeking full ownership can complete the procedures as needed by using the Invest in Dubai digital platform.
Before the amendments, onshore companies had to have a major UAE shareholder. This was seen as "the number one issue" by foreign companies.
The amendments are an extension of a set of measures aimed at liberalising business activity in the UAE, where foreigners comprise more than 80 percent of the population.
In October, Dubai initiated a virtual visa scheme, which allows remote working professionals from all over the world to move to the emirate with their families. This launch provided them access to all services, including schooling, telecom and services.
Last September, the emirate pioneered a retirement programme for resident expatriates and foreigners over the age of 55 in the region.
How will the amendments affect the real-estate market?
This boost for the foreign investors will definitely affect the needs and demands of the real-estate market.
The whole region has recorded an upward trend in the real-estate market, and this shift signals that this trend will continue in the future. Dubai's leading the region in this area, but the rest of the middle east is not far behind.
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