The UAE cabinet has recently approved steps for a landmark change in investment law, which will allow 100% foreign ownership of companies. The new law is expected to be introduced by the end of 2018.

This is good news for foreigners wishing to set up a company in the UAE. This new push to increase investment in the region has many advantages for both the UAE and individual businesses. It will attract new businesses into strategically important industry sectors to enhance the UAE’s overall global competitiveness as well as the attractiveness of doing business in the region.

This will be particularly evident in the Information Technology sector where there is a hope to become a prime global destination of IT hubs for these businesses, both start-up and established, to lay their foundations in the UAE.

Currently the final draft of the new law is awaiting approval from the UAE Federal National Council before it is introduced later in 2018.