His Highness Sheikh Khalifa bin Zayed Al Nahyan, the President of UAE has announced a good news for all expats and foreign businessmen. As per the new law, foreign investors can now fully own companies in UAE without the need for an Emirati sponsor. Also, companies that want to open branches in the UAE can also do so without a local sponsor.
As per the new law, it is not mandatory to have an Emirati to be the chairperson of a company. The board of directors also need not have an Emirati majority. But these changes will not be applicable to
companies in sectors like oil and gas, utility and transport, and strategic sectors.
The Royal decree for this was announced by His Highness Sheikh Khalifa bin Zayed Al Nahyan.
The decree also amended 51 articles of the foreign ownership law of 2015.