The virtual media briefing organised by the Ministry of Economy about the Decree-Law No. 26 of 2020 that amended provisions of Federal Law No. 2 of 2015 on commercial companies was successfully held on Wednesday.

The new decree, approved by the President, His Highness Sheikh Khalifa bin Zayed Al Nahyan, overhauls foreign ownership rules of commercial companies. Under the new amendments, several categories of businesses can now be fully owned by non-Emiratis of all nationalities.

The media briefing was joined by by HE Abdullah bin Touq Al Marri, Minister of Economy; HE Dr. Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs; HE Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade; HE Abdullah Bin Ahmed Al Saleh, Undersecretary of the Ministry of Economy; Dr. Obaid Saif Hamad Al Zaabi, CEO of Securities and Commodities Authority, and several media representatives.

The Minister of Economy revealed that there are 300,000 companies in the UAE currently, and 99.3% represent the national companies. The new amendments aim to increase the number of companies in the UAE to 1 million within the next ten years.

The UAE Ministers reviewed the amendments and new provisions of the law in the media briefing, as well as the changes in the procedures for establishing companies and conducting business in the country.

HE Abdullah bin Touq Al Marri, discussed the benefits of this decree on the business environment and the national economy, such as enhancing the openness of the country’s business climate, creation of new job opportunities, and increasing the confidence of foreign investors, thereby increasing UAE’s ability to attract foreign investments.

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