The United Arab Emirates has invalidated its current laws compelling businesses owned by foreigners in the country to have local partners with a minimum of 51% ownership.
The annulment of the laws came on Sunday after UAE’s Prime Minister, Mohammed bin Rashid Al-Maktoum, said in a tweet that going forward, foreign business owners in the Arabian Peninsula nation, including Nigerians, can now own 100 percent of their businesses in the country.
Al-Maktoum tweeted on Sunday, “At today’s Cabinet meeting, we decided to allow 100% foreign ownership of companies in UAE, with a 10 year visa for investors, scientists, doctors, engineers, entrepreneurs and innovators.
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“The UAE has always welcomed, and always will, innovators and business leaders.
“This decision will be enforced by third quarter this year.
“Our open society, tolerant values, excellent infrastructure and flexible legislation offer the best environment for international investment and exceptional talent,” said the UAE Prime Minister.
According to Wikipedia, an estimated 2,000 to 5,000 Nigerians are living in the UAE doing various forms of business.
At today's Cabinet meeting, we decided to allow 100% foreign ownership of companies in UAE, with a 10 year visa for investors,scientists, doctors, engineers, entrepreneurs and innovators.
The UAE has always welcomed, and always will, innovators and business leaders pic.twitter.com/N93MqK89Rp— HH Sheikh Mohammed (@HHShkMohd) May 20, 2018
This decision will be enforced by third quarter this year .
Our open society, tolerant values, excellent infrastructure and flexible legislation offer the best environment for international investment and exceptional talent. pic.twitter.com/kdOVX02q4L— HH Sheikh Mohammed (@HHShkMohd) May 20, 2018