Abu Dhabi: Overwhelming opposition by the Federal National Council to full foreign ownership of companies yielded an immediate response with the Government scrapping the proposal.
Members of the House unanimously rejected a clause in the draft companies law which would have allowed foreigners to fully own certain companies after a decision of the Cabinet.
They said the move would endanger the UAE’s national security, citing the country’s population’s structure in which “Emiratis account for less than 10 per cent”.
“If the move had been passed citizens would have left nothing to own and our parliament with its weak powers would not be able to change such a law,’ said Dr Abdul Rahim Al Shaheen, a representative from Ras Al Khaimah.
Source GulfNews.com
