As you read:
The reforms allow foreign entrepreneurs and investors to set up their own companies without involving local shareholders, the agency said. That is a welcome development for the country’s many expatriates who for long had their ownership capped at 49 percent in firms outside free zones.
Other legal amendments remove quotas requiring that Emiratis hold the majority of board positions and serve as chairs for onshore companies. Companies that want to be publicly traded will be able to sell up to 70 percent of their shares instead of the current 30 percent limit.
So that means, they struggle to get in the money they invested to attract 25 million people, so they change the laws to get more foreigners to incorporate their business in the UAE, easy math, you lose money on the left hand and bring in the same money on the right hand.
Well yes - I am also wondering what comes with this - taxes? I don’t think since the workd is going to be more reliant on electricity and wind farming than on oil - uae need to get their s**t together ?
I mean once they implement this - it’ll be bvi on steroids - how long can that stay a float?
It is a very good development but still, there are lots of things to do to create a better business environment(especially in banking ) in UAE. I don't think there will be taxes very soon(5-10 years) because they don't need right now.
COVID hit UAE very hard, thousands of shops closed, airlines fired thousands of people, government banks and billion dollar projects reported huge losses but almost all constructions and new developments still ongoing. I don't think the government's money will finish soon and just 2-3 days ago another huge oil reserve discovered in Abu Dhabi.
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