UAE – Mubasher: The UAE seeks to raise the number of companies to 1 million within ten years, the UAE Minister of Economy, Abdullah bin Touq Al Marri, announced in a virtual media meeting.
Currently, the country has 300,000 public joint-stock and limited liability companies, 99.3% of which are local companies, Al Marri referred.
The UAE Minister of Economy confirmed that the amendments to the UAE Commercial Companies Law will contribute to the rapid recovery of the economy.
The UAE Commercial Companies Law was amended to increase competitiveness among companies, facilitate doing of business in the country, attract more investments, and create more job opportunities.
As part of the amendments, foreign nationals will be allowed 100% ownership of commercial companies in the country.
