The UAE cabinet has approved steps to allow foreign investors to acquire 100 percent UAE-based companies by the end of the year, the official Emirates News Agency (WAM) reported.
The agency said the decision was part of a broader change to the system, which includes "granting 10-year residence visas to qualified specialists in the medical, scientific, research and technical fields and to all scientists and creators."
WAM said the meeting was chaired by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE.
She said that Sheikh Mohammed directed "the Ministry of Economy in coordination with the parties concerned to implement the resolution and follow-up developments, and a detailed study in the third quarter of this year."
Currently, foreigners can not own more than 49 percent of any UAE company unless they are listed in a "private free zone".