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English news

08-Jul-2019

UAE to allow 100% foreign ownership of maritime businesses

The United Arab Emirates is preparing a draft law that would allow foreigners to own up to 100% of businesses in the maritime industry in accordance with specific criteria, Infrastructure and Development Minister Abdullah Al Nuaimi said Sunday in Abu Dhabi. The legislation, which is expected to pass in the first half of 2020, will address areas ranging from vessel ownership to dispute resolution, according to Al Nuaimi, who’s also chairman of the UAE Federal Transport Authority.