UAE relaxes rules on foreign ownership of companies amid pandemic fallout

A general view of the Burj Khalifa in dubai (Carey Tompsett/PA)

The United Arab Emirates has relaxed and removed a range of limits on foreign ownership of companies, state-run media reported, in the country’s latest bid to boost its global status and attract foreign investors.

The overhaul announced on Monday signals yet another startling change for the federation of seven desert sheikhdoms as it grapples with the economic fallout of the pandemic.