In a monumental decision for the UAE's economy, HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the UAE and Ruler of Dubai has announced that the UAE will soon permit 100% foreign ownership of UAE companies. This decision is expected to be fully implemented by the third quarter of 2018. In addition to permitting 100% foreign ownership, HH Sheikh Mohammed also announced plans to change the current visa system to allow for ten-year visas for certain persons including investors, doctors, engineers, entrepreneurs, and innovators. Both decisions aim to increase international investment and lure exceptional talent to the UAE.
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