visaprocessUAE: 14 Business Activities will not get 100% foreign ownership in UAE

Activities on the "negative list" will not be allowed 100 per cent foreign ownership.

They include oil exploration and production; investigation, security, military; banking and financing activities; insurance; pilgrimage and umrah services; certain recruitment activities; water and electricity provision; fishing and related services; post, telecommunication and other audio visual services; road and air transport; printing and publishing; commercial agency; medical retail (including pharmacies); and blood banks, quarantines and venom/poison banks.

The law affirms the customary benefits and guarantees related to freedom of repatriation of funds. It also protects against expropriation of assets for public interest, guarantees the continuous use of real estate property by the foreign investor, and prohibits the seizure of assets of the FDI project except by judicial decision. The law will expedite procedures for the approval of any FDI project whereby the relevant authorities only have 5 days to approve the application.

The FDI law also provides for an appeal mechanism for rejected applications. While acknowledging the aspects of confidentiality, the law imposes severe penalties - including imprisonment and fines up to Dh10 million - on whoever discloses sensitive information regarding the technical, financial and economical aspects of the FDI projects.
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