It identified 13 promising sectors for investors and entrepreneurs

«Economy»: Emiratis own 100% of fisheries services

“Economy”: The Commercial Companies Law directed investors to determine the capital in the articles of incorporation and articles of association of companies.

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The Ministry of Economy confirmed that ownership in the services sector related to the field of fisheries is limited to Emirati citizens only, noting that the percentage of Emiratis owning in the sector is 100%.

In a report obtained by Emirates Today, the ministry identified 13 promising economic sectors for investors and entrepreneurs, stressing that the UAE is working to stimulate new economic sectors in the knowledge and digital economy, as the country aims to attract more investments in the fields of advanced technology.

She stated that investment in these sectors aims to consolidate the position of the UAE as a major center of attraction for foreign investment regionally and globally, increase job opportunities and the percentage of Emiratisation in the private sector, and enhance partnership between local and foreign investors.

promising sectors

In detail, the Ministry of Economy identified 13 promising economic sectors, which it described as investment opportunities for entrepreneurs, including: financial technology, education, entertainment and live entertainment media, medical and medical tourism, supply chain, retail markets and electronic commerce, agricultural technology, health care, Manufacturing, logistics, aerospace, technology, information and communications, and renewable energy.

The ministry explained, in a report, obtained by "Emirates Today", that the UAE is working to stimulate new economic sectors in the knowledge economy and the digital economy, as these sectors are witnessing a large influx of investments.

She added that the state aims to attract more investments in the fields of advanced technology, artificial intelligence and the digital economy, and encourages national companies to enter into partnerships with foreign companies and investors.

investment objectives

The "Economy" indicated that the objectives of investment in the promising economic sectors are to consolidate the position of the UAE as a major center for attracting foreign investment regionally and globally, as well as increasing job opportunities and the percentage of Emiratisation in the private sector and supporting sectors of national priority, in addition to strengthening the partnership between local and foreign investors. Besides developing the production base and infrastructure.

companies laws

The ministry revealed that the Commercial Companies Law directed investors to determine the capital in the articles of incorporation and articles of association of companies, but it did not require a minimum capital for limited liability companies, which makes it easier for investors to establish companies and establish businesses, which gives investors greater flexibility in planning their projects.

She added that the law does not require that the chairman of the board or most of the members of the board of directors be Emirati citizens, which gives foreign investors the right to fully control their shares in companies unless any decree or decision stipulates otherwise.

Excluded activities

The ministry indicated that according to Cabinet Resolution No. (55) of 2021, a list of economic activities with strategic impact was determined, which are excluded from the possibility of full ownership by foreign investors, unlike the rest of the other economic activities in the country, which are open to foreign ownership. 100% free.

According to the ministry, the list of economic activities with a strategic impact included several activities, most notably investing in services related to the field of fisheries, stressing that the percentage of Emirati nationals owning in the sector is 100%, and is limited to them only, while other activities, especially banks, exchange shops, finance companies and activities are subject to Insurance and printing currency and communications for the approval of the regulatory authorities in terms of determining the percentage of citizens’ contribution or the percentage of foreign investors’ contribution to the capital, or both, in addition to determining the percentage of citizens’ contribution or the percentage of foreign investors’ participation in the membership of boards of directors, if any, or both.

procedures

The ministry clarified that the procedures for approving the licensing of companies that engage in any of the economic activities with strategic impact is that the foreign investor who wishes to practice any of these activities submits a license application to the Department of Economic Development in the concerned emirate, provided that this department submits the request to the relevant regulatory authority. of the activity required to be licensed within five working days from the date of receiving the application, and the relevant regulatory authority shall issue its decision within 14 working days from the date of the application or the fulfillment of all requirements and conditions so that its decision includes approval of the application, determining the percentage of the national contribution and any controls and conditions it deems appropriate or rejection.

Foreign Investment Sectors

The Ministry of Economy stated that there are promising foreign investment sectors, most notably the infrastructure for transportation and agricultural technology, housing institutions, elderly care, health care facilities, treatments and medical devices, in addition to renewable energy generation, water supply, financial technology and products offered for subscription or what is known as digital content. As well as artificial intelligence, cyber security, electronic health care / electronic pharmaceutical industry, e-commerce platforms, virtual reality and infrastructure for the fifth generation networks, as well as the “robots” industry, smart buildings and consumer companies.

The 13 sectors

• Financial technology.

• education.

• Entertainment and entertainment live broadcasts.

• Medical and therapeutic tourism.

• Supply chain.

• Retail and e-commerce markets.

• Agricultural technology.

• Healthcare.

• Manufacturing.

• Logistics services.

• Space sector.

• Technology, Information and Communications Sector.

• sustainable energy.

The UAE is working to stimulate new economic sectors in the knowledge and digital economy.

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