UAE’s maritime hub status bolstered by foreign investment law changes

DUBAI : Recent investment rule changes in the United Arab Emirates (UAE) are tipped to help bolster the nation’s maritime hub claims.

A range of maritime sectors, including shipowning, feature on a list of activities that can have 100% foreign ownership when it comes to onshore businesses in the UAE, doing away with the 51% sponsorship rule that had hindered investors in the past.

“A great deal of flexibility will now be available to entrepreneurs and existing concerns looking to set up in the UAE. It will be interesting to see whether it will lead to relocations and further investment in the country and in the region,” commented Dubai-based lawyer David Galea.

The new rules come into effect on June 1.

Source : Splash247.com