Govt changes legislation for overseas investors

06/12/2011 - Dubai Investment News Posted by Bob Brunskill
Govt changes legislation for overseas investors

Under a new piece of legislation approved by the Dubai government, some businesses and sectors will soon see a foreign partner hold more than 49 per cent of a company's capital.Added to this, the new law outlines a framework for the governance of public companies in areas such as disclosure of financial data, people interested in acquiring property in Dubai may wish to know.At present, a foreign company is allowed to hold a maximum of 49 per cent of a Dubai-based entity.Speaking to the Reuters news agency, Hamad Buamim, director general of the Dubai Chamber of Commerce and Industry, said: "We believe that the law will support the establishment of businesses in Dubai."He added: "It will make the regulations and business environment better. It will improve the ranking of doing business in Dubai and the UAE."Dubai is a logistics and trading hub for the Gulf and, therefore, offers attractive investment opportunities to foreign firms.