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Abu Dhabi makes commercial, industrial activities available for foreign ownership

By TRENDS Desk
May 21, 2021 7:48 am

    • Abu Dhabi Department of Economic Development believes the decision will attract further foreign investment

    • Department amends law to enable 100 percent foreign ownership

    Natural and legal non-citizens in Abu Dhabi can now fully or partially own as many as 1,105 registered commercial and industrial activities.

    This became possible after the Abu Dhabi Department of Economic Development (ADDED) amended a law enabling the establishment of 100 percent foreign-owned companies in Abu Dhabi, the WAM reported

    Mohamed Ali Al Shorafa, chairman of ADDED, said the announcement of the list of these activities shows Abu Dhabi government’s keenness to attract further foreign direct investments and to promote an open and resilient competitive business environment.

    “The decision is one of many decisions and initiatives to provide incentives for the private sector in Abu Dhabi and to enhance the status of Abu Dhabi on the global investment map,” Al Shorafa said.

    Al Shorafa underlined the department’s keenness to continue improving the business environment through enhancing the ease of doing business in the emirate and removing all impediments facing investment projects, by reducing the burden on business facilities.

    The Department also provides incentives and implements initiatives that increase the success rates of these enterprises besides maintaining their continuity in support of their sustainable growth and expansion.

    Activities available for foreign ownership have been updated following decisions by the Council of Ministers, which defines the activities of strategic importance, the WAM said.

    These activities are allotted to licensed companies per the federal and local laws that regulate business licensing controls according to the type of activity.

    The list indicates that existing companies have the right to adjust their status, provided they comply with the regulations on activities or other applicable restrictions laid down by the ADDED.

    Interested persons and companies could access the information about the list of activities at the Abu Dhabi Business Centre website www.adbc.gov.ae.

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