The UAE has announced plans to allow 100% ownership and visa incentives to foreigners in a bid to attract investors to boost its slowing national economy, AFP reported Monday (May 21st).
The decision, taken by the UAE cabinet Sunday night, aims to draw "international investments and exceptional talent", according to Dubai ruler Sheikh Mohammed bin Rashed Al-Maktoum.
The new measures come amid signs of an economic slowdown in the Gulf state on the back of lower oil prices, with reports showing the vital real estate and tourism sectors of Dubai struggling.
The decision will allow foreign investors 100% ownership of companies, coupled with 10-year residence permits for them and their families, according to a cabinet statement carried by the Emirati news agency (WAM).
The measures will come into force by the end of 2018, the statement said.
