DUBAI (Monitoring Desk) The United Arab Emirates (UAE) has declared the relaxing and abolition of the international business ownership cap. The UAE state-run media confirmed that the development was in the background of recent measures taken by the country to further improve its global status and lure international investors, according to a foreign news agency. In order to monitor the economic impact of the disease, the Seven Deserts Union has once again experienced drastic reforms.
The UAE announced various reforms to its Islamic law earlier last month. This included unmarried couples living together, increasing women’s security, and relaxing alcohol use prohibitions. These drastic improvements come as the UAE has spent billions of dollars welcoming the World Expo’s 25 million visitors. Owing to the corona virus outbreak, the case was postponed to 2021.
The UAE also hopes that after the US-backed UAE-Israel agreement, Israelis will join an army of foreigners. Who opened businesses and purchased apartments in Dubai and Abu Dhabi’s coastal areas. The Presidential Decree on Corporate Law Changes will help reinforce the important role of the UAE regionally and globally. For ventures and businesses, it is an enticing location. In addition, The National, the state-run newspaper reported further details of the decree, stating that in the next six months the amendments relating to foreign ownership would come into force. Moreover, it can take up to a year for businesses to implement the changes.