Foreign investors can set up shop in Dubai without local help
Foreigners are allowed to create partnerships between themselves without the need to have Emirati sponsors but on condition that they must finance their projects through minimum of $2.7 million capital inflows, an official from the Department of Economic Development in Dubai (DED) told a local newspaper in an interview published Sunday.
“GCC nationals can have foreign business partners without third local party in Dubai for any project worth a minimum of $2.7 million and based on foreign knowledge and finance,” Mohammad Shael Al-Saadi, CEO of Business Registration & Licensing Sector at DED, told Gulf News.
Another compulsory condition is that foreign investors must relocate their business headquarters to Dubai. The focus must also be on quality and in fields that will add critical value to Dubai’s economy.
“One more of these businesses conditions is there should focus on the quality of the employees rather than quantity. All workers should fall under the skilled worker category,” he added.
Nationals from other Gulf countries were able to set up businesses in Dubai without local partners, however, with the new measure, they will be able to have partnership with foreigners without Emirati sponsors.
- Oman’s Duqm tourist complex moves forward with government approval
- Tunisian Confederation of Industry, Trade, and Handicrafts fights nationwide unemployment levels
- Kuwait fights budget deficit: Reexamining government salaries, expatriate labor
- Construction costs fall in Dubai
- Western tourists flock to Iran, could generate $30B in new revenue
- DED committee to study allowing GCC nationals to form foreign partnership firms without locals
- 8-year-old Yemeni child dies at hands of 40-year-old husband on wedding night
- US-Jordan Free Trade Agreement will Help Jordan Attract Foreign Investment
- Syrian real estate: Local and foreign investors showing strong interest
- Jordanian and foreign experts develop local projects