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.
- Why women are the answer to Egypt's 'faltering renaissance'
- Fully booked for post-sanctions business: Iran's five star hotels are buzzing with Western business delegations
- The source of all brain drain: Lebanon's university graduates downbeat about their future prospects
- Is Erdogan's party waging a 'holy war' against the free market economy?
- Costs and benefits: the tough economics of hosting the World Cup
- Dubai’s Department of Economic Development receives Malaysian trade delegation
- Foreigners to receive new economic rights in Qatar
- Dubai: DED issues 170 licences to branches of foreign firms in 2006
- AMAN records $30,374 net profit during first year of operations
- Dubai Investment Park to open for business by month’s end