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The UAE will liberalise its company laws to allow 70% foreign ownership in local companies, according to senior government officials.

“The new company law, which is expected to be announced shortly, falls in line with WTO norms and will help us attract more foreign investment into the country,” says Hussain Al Nuwais, chairman of Emirates Holdings and Board Member of Abu Dhabi Securities Market (ADSM).

The current company law allows only 49% foreign ownership in a limited liability company.