The UAE Cabinet on Tuesday afternoon approved 100 per cent foreign ownership in 13 sectors and across 122 economic activities.
The 13 sectors include space, renewable energy, manufacturing industry and agriculture, among others.
There are a range of economic activities including power transformers, solar panels and hybrid power plants covered under the new ruling.
According to the state news agency WAM, the UAE Cabinet, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, also said that the foreign ownership will apply to transport and storage, allowing investors to own projects in the field of e-commerce transport, supply chain, logistics, and cold storage for pharmaceutical products.
The other areas now open to foreign ownership are hospitality and food services, information and communications, as well as professional, scientific and technical activities.
That will, in turn, allow investors to own laboratories for research and development in biotechnology.
A few administrative services, support services, educational activities, healthcare, art and entertainment and construction are other areas where 100 per cent foreign ownership will apply across certain economic activities.
In November last year, a law permitting 100 per cent foreign ownership of companies in the UAE came into effect doing away with a previous rule requiring foreign companies seeking to establish an entity onshore in the UAE to team up with a UAE national, who was required to own 51 per cent of the shares of the company.