Tag: Middle East Office

August 23, 2013   Posted by: Indy

Office 2013 Post Show

The 2013 exhibition attracted 5,314 unique visitors from 56 countries, representing a 19% increase in footfall compared to the 2012 edition of the exhibition.
The value of the interior contracting and fit-out market in the GCC’s commercial sector is set to grow in 2013 from US$1.15bn to US$1.43bn
As GCC governments continue to invest in social infrastructure, over US$9bn of education construction projects are expected to complete in 2013
Co-locating with the INDEX International Design Exhibition proved a complete success with over 3,600 INDEX visitors also visiting the Office Exhibition.
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November 29, 2012   Posted by: Indy

UAE mulls 100% foreign ownership of companies

Officials in the UAE are reviewing a draft commercial law that will allow 100 percent foreign ownership of some companies.

Officials in the UAE are reviewing a draft commercial law that will allow 100 percent foreign ownership of some companies, Bloomberg reported, citing the undersecretary of the Abu Dhabi Department of Economic Development.

The Abu Dhabi government and others within the UAE are reviewing the draft legislation, which would allow some sectors to operate outside of free zones, said Mohamed Omar Abdulla.

“We recognise the importance of the foreign companies to have 100 percent ownership, but within specific rules and conditions,” he said.

Companies that are eligible would “have to be within the industries that have certain priorities within the economy, like petrochemicals, communications, logistics, aerospace, financial, and others,” he added.

Under UAE law, only nationals are allowed full ownership of companies operating outside of free zones. The law currently requires foreign citizens to have a UAE national as a partner or sponsor to conduct business.

The Gulf state has been trying to diversify and modernise its economy, developing areas including tourism and finance, in a bid to reduce its dependence on oil exports.

The UAE’s state news agency in December said the cabinet had approved a draft companies law that may allow foreign ownership above 49 percent.

The legislation lays down a framework for the governance of public companies, ensuring transparency and disclosure of financial data as well as the efficiency and integrity of the board of directors, WAM said

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