The United Arab Emirates cabinet on Sunday announced decisions that would allow for 100 percent ownership of UAE-based businesses by foreign investors by year-end, the state news agency WAM reported.

The Cabinet, chaired by Sheikh Mohammed bin Rashid Al Maktoum, vice president and prime minister of the UAE and ruler of Dubai, also decided to grant residency visas of up to 10 years to investors and specialists in scientific, technical, medical and research fields, the report said.

“Our open environment, tolerant values, infrastructure, and flexible legislation are the best plan to attract international investment and exceptional talents,” Sheikh Mohammad bin Rashid said.

Sheikh Mohammed also directed the Ministry of Economy, in coordination with the concerned parties, to implement the resolution and follow up on its developments, and to submit a detailed study in the third quarter of this year.

At present, foreigners can own more than 49 percent of a UAE firm only in a special free zone.

Source: english.alarabiya.net