New law to offer UAE investors full ownership

01/07/2011 - Dubai Investment News Posted by Neil King
New law to offer UAE investors full ownership

Property investors around the world could turn their attention to the UAE following news of a new law.The Khaleej Times has reported that new legislation in the emirates will allow foreign investors to retain 100 per cent ownership of some projects.According to Global Investment House in its quarterly review on GCC Real Estate, the move will be a positive step in "liberalising" property ownership to UAE foreigners.The Kuwait-based investment company told the news provider: "Passage of the law will increase the base of potential buyers of UAE properties and should contribute to injecting fresh cash and generating activity in the market."It comes after Sultan bin Saeed Al Mansouri, the UAE's minister of economy, revealed that drafting of a law is now complete and the legislation is awaiting final approval. Once this has been granted, the new rules are set to be enforced before the end of the year."Everything is OK the only rift is that who will sign foreign investment agreements, the Ministry of Economy or the Ministry of Finance? We have referred this issue to legal parties which are now studying it," he added.