Dubai Silicon Oasis. Technology investments are expected to get a boost under the new FDI law. Chris Whiteoak / The National
Dubai Silicon Oasis. Technology investments are expected to get a boost under the new FDI law. Chris Whiteoak / The National

UAE to announce sectors eligible for full foreign ownership in early 2019



The UAE will announce a list of sectors that will be open to up to 100 per cent foreign ownership under a new law in the first quarter of 2019, as the country seeks to boost investments in non-oil industries and create jobs for nationals.

Increased foreign ownership will be permitted in technology, outer space, renewable energy and artificial intelligence, among other sectors under consideration such as manufacturing, UAE Minister of Economy Sultan Al Mansouri said on Monday.

"There is an investment committee that will hammer the details of these sectors; these are a priority for us. We feel these sectors are the ones we need to pay maximum attention to, to attract investment from overseas for the reason we don't have solid capacity in these areas," he said.

Last month, the UAE issued a foreign direct investment law allowing overseas investors to own up to 100 per cent of UAE companies in selected sectors, up from the 49 per cent limit permitted in businesses outside free zones. The law is the latest in a series of reforms aimed at reducing the economy's reliance on oil, stimulating economic growth and creating jobs for nationals following a three-year slump in oil prices.

The FDI law is expected to increase capital inflows to the country by up to 20 per cent in 2019, from an average annual growth rate of about 8 per cent, Mr Al Mansouri said. Foreign investment is forecast to rise to $11.5 billion (Dh42.4bn) in 2018 from $10.8bn last year.

A committee is being formed to study which sectors should open up for larger foreign ownership and is expected to hold its first meeting in December. The body will submit recommendations to the Cabinet for approval, following which the list of sectors will be released early next year.

Under the FDI law, foreign ownership of companies would range from more than 49 per cent to 100 per cent, depending on the sector, Mr Al Mansouri said.

The Ministry of Economy will establish an FDI unit and task it with proposing related policies, plans and programmes. The authority will facilitate procedures for registering and licensing projects and maintaining a database of investments.

"The FDI law could be used to boost activity and attract investment in industries seen to be essential regarding elements such as job creation, broadening the economic base and supporting technology transfer,"  said Monica Malik, chief economist at Abu Dhabi Commercial Bank.

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Read more:

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FDI law is a quantum leap for UAE's business environment, Economy Minister says

Sheikh Khalifa issues new law to raise UAE Central Bank capital to Dh20bn

Higher non-oil GDP prompts UAE Central Bank to increase 2018 growth forecast

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The UAE is targeting an increase of FDI inflows to 5 per cent of its gross domestic product by 2021, according to a presentation by the Ministry of Economy.

Last year, the UAE ranked second in the Middle East and North Africa in terms of attracting FDI inflows to the region, following Turkey, the ministry data showed. The Emirates attracted 23 per cent of total FDI put into Mena in 2017.

The Cairo Statement

 1: Commit to countering all types of terrorism and extremism in all their manifestations

2: Denounce violence and the rhetoric of hatred

3: Adhere to the full compliance with the Riyadh accord of 2014 and the subsequent meeting and executive procedures approved in 2014 by the GCC  

4: Comply with all recommendations of the Summit between the US and Muslim countries held in May 2017 in Saudi Arabia.

5: Refrain from interfering in the internal affairs of countries and of supporting rogue entities.

6: Carry out the responsibility of all the countries with the international community to counter all manifestations of extremism and terrorism that threaten international peace and security

Short-term let permits explained

Homeowners and tenants are allowed to list their properties for rental by registering through the Dubai Tourism website to obtain a permit.

Tenants also require a letter of no objection from their landlord before being allowed to list the property.

There is a cost of Dh1,590 before starting the process, with an additional licence fee of Dh300 per bedroom being rented in your home for the duration of the rental, which ranges from three months to a year.

Anyone hoping to list a property for rental must also provide a copy of their title deeds and Ejari, as well as their Emirates ID.

Cryopreservation: A timeline
  1. Keyhole surgery under general anaesthetic
  2. Ovarian tissue surgically removed
  3. Tissue processed in a high-tech facility
  4. Tissue re-implanted at a time of the patient’s choosing
  5. Full hormone production regained within 4-6 months
German intelligence warnings
  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

Source: Federal Office for the Protection of the Constitution

COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Key figures in the life of the fort

Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.

Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.

Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.

Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.

Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.

Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.

Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.

Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.

Sources: Jayanti Maitra, www.adach.ae