The previously announced commercial law allowing 100% foreign direct ownership in local UAE companies will come into effect from 1st June 2021, the UAE’s Ministry of Economy has announced. All current and previously licensed businesses in the UAE are eligible to amend their statuses according to the new additions to the commercial companies law. In November 2020, the UAE government … Read More
Round-Up: Crypto businesses in DMCC, new types of UAE residency visas, and number of new DIFC firms grows 20%
DMCC Crypto Centre Dubai Multi Commodities Centre (DMCC) has announced it will establish a regulatory framework for businesses offering, issuing, listing, and trading crypto-related assets. The “DMCC Crypto Centre” intends to issue bespoke licenses for firms in the crypto space after signing a Memorandum of Understanding with the Securities and Commodities Authority (SCA). The two authorities will collaborate to approve … Read More
UAE announces citizenship will be available to eligible foreigners
In a major policy change announced on Saturday, the UAE Government approved amendments to its citizenship law, opening it up to groups of select foreigners. UAE will become the first Gulf nation to formalise a process aimed at embracing “exceptional people” and their families as part of Emirati society, and ensuring the social stability of these people in the country. … Read More
Diplomatic ties with Qatar restored after the signing of the “Al-Ula Declaration”
After three and a half years of physical and political isolation, Qatar is to be welcomed back into the GCC fold after the UAE, Saudi Arabia, Bahrain and Egypt have agreed to restore diplomatic relations with the sovereign state. On 5th January 2021, the Al Ula Declaration was signed with Qatar during the 41st Gulf Cooperation Council Summit at Al-Ula … Read More