With the aim to enhance foreign investment and help weather the global financial crisis, Dubai government is pushing for reforms to company law to allow 100 percent foreign ownership of businesses across the UAE.

As of now, designated areas, known as free zones are the only where 100 percent foreign ownership is allowed. All companies must be at least 51 percent owned by a UAE national, outside these areas.

The UAE daily Khaleej Times, quoted Khalid al-Kassim, deputy director-general of economic and sector development at Dubai Department of Economic Development
(DED) as saying, "We are trying to push 100 percent ownership for the whole country, but Dubai alone cannot do it."

The blame for restricting foreign investment in the UAE has been put on restrictions on business ownership.

It was further informed by Kassim that in order to make the emirate more attractive to investors, Dubai government is also considering cutting visa fees.

He added that any fee that does not provide a service to business would be removed. The timeframe for the proposed changes to either foreign ownership laws or visa fees was not given by the newspaper.

(via TopNews Arab Emirates. Contributed by Rehan Rachid)