ABU DHABI, 19th May, 2021 (WAM) -- UAE Ministry of Economy announced that the amended Commercial Companies Law will come into effect on June 1st, 2021, allowing foreign investors and entrepreneurs to establish and fully own onshore companies.
The UAE government has recently adopted an amendment to the Commercial Companies Law allowing 100 percent foreign ownership of companies.
Abdulla bin Touq Al Marri, Minister of Economy, said, "The amended Commercial Companies Law aims at boosting the country’s competitive edge and is a part of UAE government efforts to facilitate doing business."
Bin Touq added that the amendments introduced by the new Commercial Companies Law will boost the UAE’s appeal as an attractive destination for both foreign investors, entrepreneurs and talents. It will further strengthen the country’s position as an international economic centre and encourage the flow of investments to the country’s vital economic sectors.
President signs new Decree that updates 2015 Commercial Companies Law.
Dubai: The UAE has scrapped the need to have UAE nationals as sponsors, thus allowing expatriate investors 100 per cent ownership with effect from December 1, 2020. The move is in line with a federal law issued by President His Highness Sheikh Khalifa Bin Zayed Al Nahyan and which amends Law No. 2 of 2015 on companies and their shareholding.
The long-awaited 100 per cent ownership by foreign nationals of companies licensed and registered in the UAE is allowed as per Cabinet Resolution No. 16 of 2020. In recent years, individual emirates allowed foreign national owned companies to acquire the remaining stakes on a case by case basis. The latest amendment thus extends the scope of that significantly.
The new law amended 51 articles and added new ones, mostly focusing on the regulation of provisions of establishing companies with limited liability shareholding. The amendments exempt expatriate investors from the minimum percentage ownership of UAE nationals.
His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, announced the amendments to the law, noting that the UAE now enjoys a fertile legislative environment for the establishment of businesses in order to enhance the UAE’s competitiveness.
Image Credit: Gulf News Archive
SETTING UP A COMMITTEE
Under article No.10 of the amended law, a committee shall be formed as per a Cabinet decision and will include representatives from relevant agencies. It will deal with proposals to oversee companies engaged in activities of strategic importance. The Cabinet will then issue a decision based on the committee’s recommendations to issue regulations licensing such companies.
A key update
As per the Commercial Companies Law, Law No. 2 of 2015, foreign shareholders were limited to owning a maximum 49 per cent in a 'limited liability company' (LLC) operating as an onshore UAE business. This requires an Emirati individual or 100 per cent Emirati-owned company to hold the balance 51 per cent share as a local sponsor.
The amended law allows natural and legal persons to establish companies without the need for a specific nationality. The law, however, will not apply to some companies that are excluded based on decisions by the Cabinet and those that are either wholly-owned by federal or local governments or their subsidiaries.
BESIX and Jan De Nul Group are helping to deliver the expansion of the port of Fujairah in Dibba, the second largest city of the emirate of Fujairah in the UAE, located along the Gulf of Oman. The works for the Dibba Bulk Handling Terminal Project were awarded to the consortium of Six Construct, BESIX’s entity in the Middle East, and Jan De Nul Group by the Port of Fujairah (PoF), one of the world’s key oil storage centres and the second-largest ship-bunkering hub in the world.
The design-and-build contract consists of dredging the navigation channel and port basin, reclamation and shore protection, as well as constructing breakwaters, a 765 m long quay wall, foundations for ship loader rails, port infrastructure and creating utilities and aids to navigation. The fishing harbour will be relocated in the process.
The expansion plans are part of PoF’s strategy to increase the port’s bulk handling capacity and operational efficiency, as well as improve the quality of its service, which is considered among the best in the world.
The consortium’s approach to optimise the design by providing ‘value engineering’, along with the newly-established Central Marine Support department, presented a strong, competitive solution to the client.
Yasser Laroussi Ben Asker, Operations Manager Marine Works Middle East at Six Construct: “Six Construct is very pleased and honoured to partner with the Port of Fujairah, as part of our decades-long history in the Emirate. The history of Six Construct and the port of Fujairah are very connected. BESIX’s entity in the Middle East helped on several occasions to extend the port infrastructure. We share the same values in aspiring to create long-term partnerships to support the Emirate’s development goals, and we are investing in a long and prosperous relationship.”
Stefan Moens, Area Manager Middle East at Jan De Nul Group: “We build on many years of experience in the U.A.E. and this award confirms the Port of Fujairah’s satisfaction with our previous port expansion projects executed in the region. We are very proud to be appointed as a trusted partner for the delivery of these works, moreover, in consortium with BESIX, another company with Belgian roots.”
The contract is valued at 371 million AED (90.4 million EUR). Works will be carried out over 19 months.
Six Construct is part of BESIX Group, a Belgian based multidisciplinary company with a leading position in construction, property development and concessions. The group excels in creating sustainable solutions for a better world in 25 countries and on 5 continents. Famous for iconic projects such as Dubai’s Burj Khalifa, BESIX Group also specializes in the construction of marine facilities, such as breakwaters, jetties, quay walls, shore protection, canals, locks and flood barriers. More info on www.besix.com
Design. Build. Connect. Jan De Nul Group shapes water and land. Worldwide. From complex services to the offshore energy and energy transition sector, over large dredging and defence works on the edge of water and land, to challenging civil and environmental works. Well integrated competences and investments lead to creative, sustainable and innovative solutions. In this way Jan De Nul Group delivers results that produce satisfied customers. Today, but also tomorrow. – www.jandenul.com
Abu Dhabi, 14 Sept 2020: Skyne, the Dutch-founded international branding and design consultancy, has expanded its company to open an office in Abu Dhabi’s media hub, twofour54.
Skyne’s Abu Dhabi office will be the fourth in the company’s portfolio, following the opening of hubs in Netherlands, Dubai and Saudia Arabia. Skyne’s head office opened in Dubai in 2008 and the company has since established a solid roster of local and international clients.
Dennis de Rond, Founder of Skyne, said of the company’s expansion: “We strongly believe that Abu Dhabi is going through massive transformation and growth plans for the future. Skyne sees plenty of opportunities to partner with twofour54 and Abu Dhabi-based companies on their exciting projects that are born out of creative visions with a human-centric focus and spirit of innovation. Skyne definitely aspires to be part of this journey across various
sectors. "We’re proud to be continuing our expansion during this globally challenging time and hope that our announcement sends a message of hope, optimism and resilience to business owners in the UAE and around the world.”
Katrina Anderson, Director of Commercial Services at twofour54, said: “We are consistently seeing that Abu Dhabi is an ideal base for companies looking to expand further across the Middle East and North Africa. For media firms, there are huge opportunities in the region thanks to its innovative and pioneering new companies. We are delighted that Skyne has chosen twofour54 as its next hub and they join some of the region’s most dynamic creative leaders who value our collaborative ecosystem and industry-leading facilities and services.”
Skyne opened their new branch with support from the Dutch Embassy. H.E. Lody Embrechts, Ambassador of the Kingdom of the Netherlands to the UAE, said: “Over the years, Skyne has established itself as one of the strategic
branding and design agencies in Dubai. The Embassy of the Kingdom of the Netherlands to the UAE is delighted to experience the opening of the Skyne office at twofour54 in Abu Dhabi. Skyne stands for creativity, innovation, pragmatism and resilience - Dutch traits we are happy to bring to the table. We look forward to supporting the agency’s ambitions and appreciate its contribution to the strong UAE-Netherlands friendship.”
Skyne has advised more than 150 companies in the MENA region including Abu Dhabi Terminals, Shurooq, Sharjah Media City, Dubai Chamber of Commerce and industry, Deloitte and many more.
The Benelux Business Council, the Netherlands Business Council UAE, the Embassy of the Kingdom of the Netherlands and the Consulate General of the Kingdom of the Netherlands would like to share with you the results of our second COVID-19 survey.
Luxembourg has just released a new version of the brochure "How to set up a business in Luxembourg".
The guide provides practical information for international company executives on business permits, legal forms, immigration, financing, taxation and social security as well as on settling down and education in Luxembourg.
Follow this link in order to view the new guide: "How to set up a business in Luxembourg: 8 Simple Steps"
Discover the Ritz' cosmopolitan Chef's Lunch prepared à la minute by their world-class Chefs and enjoy gourmet dining from all over the world.
Head over to the beachside and sip on your favourite beverage. Enjoy light far at Al Fresco with your dining credit.
For reservation call at +971 2 818 8282 or email firstname.lastname@example.org
The Anantara Eastern Mangroves Hotel has launched an exclusive promotion starting from AED 450 on single/double occupancy per room per night including breakfast and subject to Taxes, Service Charge and Other Fees.
Located on Sheikh Zayed Street, overlooking the stunning Mangroves National Park, the hotel is combining business and pleasure, offering guests a luxury escape from the bustle of the city.
Book and stay until 20 December 2020 and enjoy 30% savings on food and beverages, a complimentary room upgrade to the next room category and late check-out until 4:00 PM (subject to availability, excluding suites).
Experience kayaking amongst the mangroves as you enjoy scenic views and wildlife
AED 160 double seater rental and AED 110 single seater rental
AED 160 per adult, 2 hours guided tour and AED 130 per child (age 3 - 10), 2 hours guided tour
Daily from 7:00 AM - 5:00 PM - Advance booking is required.
For further information or bookings, please contact Mr Carlo Lazzarini at 054 305 7449 or email at email@example.com
The Westin Abu Dhabi Golf Resort & Spa have launched a staycation package perfect for golfers. With their Stay & Play package, you can play at the championship course of Abu Dhabi Golf Club, Saadiyat Beach Golf Club, or Yas Links Golf Club.
Starting from AED 390 per golfer, enrich your stay with a package offering daily breakfast, one round of golf, 40% off all restaurant & bar, and more.
See the flyer below on how to make a reservation, or to contact The Westin for more information.
Get away from it all with the exclusive Stay & Refresh staycation package at the Westin Abu Dhabi Golf Resort & Spa.
Starting from AED 610 per room, the package offers daily breakfast and AED 150 credit to spend in any hotel restaurant & bar and more.
Staycation package includes:
One-night stay including breakfast
Complimentary dining up to 2 kids per room
AED 150 credit to spend in any hotel & bar
35% discount on food and beverages
Late check out
For more information or to reserve, click here.
Phone: +971 54 438 42 82
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