After celebrations surrounding the 40th National Day of the United Arab Emirates ended, the government has shown clear indications on striving to further expand, modernize and improve the economy of the country even more. The United Arab Emirates government has reportedly approved of a drafted law that will loosen restrictions on the propping up both domestic and foreign businesses.

Foreign businesses and foreign entrepreneurs particularly may get benefits out of the law if the law will raise the ceiling on the percentage of ownership in stock for listed corporations from the current 49 percent to anything above.

Foreigners often need to register companies with businessmen who are citizens of the United Arab Emirates to fully co-own the companies.

This law may also change that restriction.

The UAE government has other laws pending that will attempt to expand and strengthen the country’s economy by loosening or eradicating unneeded economical restrictions and attracting more tourists and investors to the country.

Moreover, the UAE government is seeking to reduce its dependence on the oil exports on which it has been dependent on for quite some time now.