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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.
Issue 1115 - 26 November 2020
United Arab Emirates (UAE)
Finance & business
Announcing job losses and investment cutbacks, many of Big Oil’s flagship companies have been making dramatic announcements of changes in strategic direction. This is most marked among European majors BP, Eni, Royal Dutch Shell and Total, if not by their US peers ExxonMobil and Chevron Corporation; it suggests that many industry leaders now see their futures as diversified energy companies, rather than old-style international oil companies (IOCs).
Issue 1112 - 15 October 2020
Energy & industry, Finance & business