• Legal Update

    13 sectors eligible for up to 100% foreign ownership within the UAE announced

    foreign ownership

    Following the announcement of new law in November 2018 in which the UAE Cabinet approved plans to allow for up to 100% foreign ownership of certain onshore companies registered in the UAE, a total of 122 economic activities expanding across 13 sectors have now been announced as eligible.

    1. Administrative and support services;
    2. Agriculture;
    3. Art and entertainment;
    4. Construction;
    5. Educational activities;
    6. Healthcare;
    7. Hospitality and food services;
    8. Information and communication;
    9. Manufacturing industry;
    10. Professional, scientific and technical activities;
    11. Renewable energy;
    12. Space; and
    13. Transport and storage.

    Companies which fall out with the approved sectors and economic activities will remain subject to the current law requiring a 51% local shareholding.

    The intention behind the new law is part of the UAE’s plan to attract further foreign investments and boost the local economy. The UAE cabinet has also announced that local governments at an Emirate level will have the authority to decide on the percentage of foreign ownership for each sector and activity.

    For further information on how our team at Davidson & Co can assist you with your business set up please contact us on +971 343 8897.

  • Legal Update

    Andrew Young – Ranked Band 1 for Private Wealth Law in the UAE within Chambers High Net Worth 2019 Guide

    Andrew Young-partner

    Davidson & Co are delighted to announce that Andrew Young, head of our Private Client Department, has once again been recognised by Chambers and Partners in their prestigious Chambers High Net Worth 2019 guide.

    Andrew is one of only three lawyers to be ranked Band 1 for Private Wealth Law in the UAE, and is awarded recognition for being “very likeable, very results-driven and excellent on governance matters”, whilst also having the ability “to explain very complicated matters and to simplify them so clients understand”.

    Andrew’s full listing can be viewed here https://chambers.com/lawyer/andrew-young-high-net-worth-21:25561451

    Andrew has over 30 years’ experience advising wealthy individuals, families and family offices in relation to both personal and business assets, and our team at Davidson & Co are one of a limited number of firms in the region offering international high net worth private client expertise including; international estate planning, asset protection, offshore trust structuring, family governance and family office advisory.

    For further information on how our team at Davidson & Co can assist with your estate planning and asset protection, please contact us on +971 343 8897.