Sweeping legal reforms aim to maintain UAE's competitive edge
The new amendments will add more flexibility to a wide range of economic sectors and industries, reaffirming the UAE’s standing as a leading business hub.
The United Arab Emirates [UAE] approved a sweeping legal reform on Nov. 27, aiming to boost its economy, maximize the commercial opportunities and enhance social stability.
The new changes include 40 laws ranging from trade, online security, copyright, residency, narcotics and other social issues.
As reported by state news agency WAM, the amendments in commercial law aim to increase foreign direct investment and reaffirm the UAE’s standing as a leading business hub regionally and globally.
To keep its competitive edge, the UAE government has intensified its efforts since the beginning of the year, allowing foreigners to own 100% of the shares in UAE companies in all sectors except the strategic ones. Previously, foreigners could own a maximum of 49% of a company.
