UAE: Reforms allow foreign control of onshore businesses

The UAE is to allow foreign nationals to retain full ownership of onshore companies, in the latest of a series of reforms aimed at propping up the economy. A presidential decree announced on 23 November amended 51 articles of the Commercial Companies Law (Federal Law No. 2 of 2015). Most eye-catching was the removal of a requirement for firms to have a majority Emirati shareholder; some strategic sectors including oil and gas exploration, transport and utilities are exempt.