United Arab Emirates has recently annulled the rule which required 51% ownership of a UAE national for onshore companies. This means that a foreign person or company may own 100% share in a local UAE company.
The aim of this reform is to boost the country's economy and to draw the attention of foreign investors to the country which is the second largest economy of Arab world.
Accordingly, 51 Articles in Commercial Companies' law have been amended and new articles have been introduced in line with the aim mentioned above.
As a result of these changes, companies may now be established by non-UAE nationals from all nationalities.
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