The United Arab Emirates cabinet on Sunday approved steps that would allow for 100 per cent ownership of UAE-based businesses by foreign investors.
According to the state news agency, WAM, the decision would be implemented by year end.
The decision is part of a wider change to the system that would grant residency visas of up to 10 years to investors and specialists in scientific, technical, medical and research fields, the agency said.
The cabinet meeting was chaired by Mohammed bin Rashid Al Maktoum, vice president and prime minister of the UAE and ruler of Dubai.
He also directed the economy minister to implement the resolution and submit a study following up its impact in the third quarter of this year, WAM said.
At present, foreigners cannot own more than 49 per cent of any UAE firm unless it is incorporated in a special “free zone”.