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UAE Allows 100% Ownership Of Businesses By Foreigners From December 1, 2020

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President His Highness Sheikh Khalifa Bin Zayed Al Nahyan has issued a decree overhauling foreign ownership rules of commercial companies, as part of the government’s ongoing efforts to ensure a conducive legislative environment and open up the economy to all nationalities.

The decree, which introduces significant amendments to the UAE Federal Law No. 2 of 2015 on Commercial Companies, annuls the requirement for commercial companies to have a major Emirati shareholder or agent, providing full foreign ownership of onshore companies. Under the new amendments, businesses can now be fully established by non-Emiratis of all nationalities, with companies now having a maximum of one year to comply with the amended law from the time its articles become effective.

This can be extended under a decision by the cabinet as proposed by the Minister of Economy.

The decree, in addition, supersedes the UAE Federal Law No. 19 of 2018 on Foreign Direct Investment (FDI Law). It also includes certain provisions and regulations related to limited liability and joint-stock companies aimed at attracting foreign capital and further boosting the local economy.

The decree grants relevant local authorities a set of powers, including setting a specific percentage of Emiratis in the capital allocation and boards of directors of companies, approving requests to establish companies -except for joint-stock companies- and identifying fees & charges according to the policies adopted by the UAE Cabinet.

Significant changes include that firms wishing to become joint-stock companies can, after the approval of relevant authorities, sell no more than 70% of the company, instead of the current 30%, through IPOs.

The decree authorizes the cabinet to set up a committee that includes representatives of the relevant authorities with a view to proposing activities of “strategic impact” and the measures required to licence companies that operate in such areas. Upon the recommendation of the committee, the Cabinet will stipulate what activities shall be considered of strategic impact and the required measures for licensing such companies.

Electronic voting at general assembly meetings is now permitted under the new amendments.

The decree empowers the Securities and Commodities Authority to establish the controls and procedures required for evaluating in-kind shares and the names of stakeholders attending the general assembly meetings of companies. It also allows the appointment of board members who have the expertise and are not stakeholders, without stipulating a specific percentage, as well as the dismissal of a chairman or any other board members if a judicial judgment is issued against them for committing fraud or misuse of power.

The decree enables stakeholders to sue a company in civil court over any failure of duty that results in damages.

Concerning capital increases or decreases in public companies, the decree enables the company to approve its capital increase through issuing bonds and converting them into shares.

The decree is reflective of the UAE’s forward-looking vision to open up its economy by creating a favourable legislative environment that will keep pace with the changes taking place across the global economy and supporting companies operating in the country.

Muhammad Iqbal Dawood, President Pakistan Business Council Dubai told Gulf Today that the UAE’s decision to allow 100% foreign ownership of companies would add more flavor to the country’s economic growth, adding that this great move would further boost investor confidence in the UAE and will attract more investors.

Rizwan Sajan, Founder, and Chairman Danube Group said: “Thanks to the visionary leaders of the UAE that the economic status is getting more and more favourable every day for the people to invest in the region. “

He further added: “However UAE has become a hub for investment, where most of the organizations are taking advantage of business opportunities to the fullest. These timely decisions make the country a desired destination for starting and growing business in the local and global markets. Wish the nation achieves greater heights in the coming year.”

Chandra Dake, CEO, Dake Rechsand, said: We welcome this great move of allowing 100% ownership of businesses for foreign nationals, in the UAE.

BIG STORY

Awujale’s Burial Frees Yoruba Kings From Ritual Slavery — Oluwo

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The Oluwo of Iwo, Oba Abdulrosheed Akanbi, has hailed the burial method used for the late Awujale of Ijebuland, Oba Sikiru Adetona, as a liberation for Yoruba monarchs and a move towards reviving the dignity of the traditional institution.

Oba Akanbi praised the funeral practices observed for the Awujale, noting that the late monarch was not subjected to any form of dismemberment or treatment resembling that of “butchers.”

Oba Adetona was laid to rest on Monday following Islamic customs after his death on Sunday, July 13, 2025, at the age of 91.

During the funeral, security operatives ensured that traditional worshippers did not interfere with the proceedings, as Governor Dapo Abiodun stated the monarch had requested to be buried according to Islamic traditions.

In a statement issued by his Press Secretary, Alli Ibraheem, Oluwo commended the boldness displayed by the Awujale’s family and Governor Abiodun, calling it a triumph for the Yoruba people.

“The courage demonstrated by the late Adetona’s family, Ogun State Governor, Prince Dapo Abiodun, and the Attorney General of the state, Oluwasina Ogungbade (SAN), is commendable and a foundation blessing to restore the glory of Yoruba stools and its occupants. The Governor is true blue blood.

“Any town willing that his king be butchered after death should appoint an herbalist, Osugbo and Ogboni as their king,” Oba Akanbi said.

He emphasized that the late monarch had paved the way for more respectful burial customs for departed Yoruba kings.

The traditional ruler said, “The sanctity of Yoruba traditional institution has been protected by the process adopted in burying the late Awujale of Ijebuland, Oba Sikiru Adetona.

“Kings are servants to their subjects. They are honourable men who have sacrificed themselves in the interest of their people.

“Honour doesn’t die with the king. They should be honoured to the grave and beyond, and not butchered like an animal after death.‎

“The noble order of burial rites for Awujale is a win for the Yoruba race, particularly myself. It’s a freedom of Yoruba traditional rulers from physical and spiritual oppression after their death.”

Oba Akanbi also noted, “The burial process to be adopted in burying Yoruba traditional rulers should be on the recommendation of the king before his passage or his family after his death.

“The seizure of the king’s corpse from his family by any secret group should be optional, depending on the wishes of his family.”

He vowed to continue resisting idol worship and traditional cult practices in his kingdom.

“In Iwo, I have freed the Oluwo stool from the bondage since my ascension 10 years ago.

“The Osugbos and the Ogbonis have no relation with the Yoruba monarchy. Every attempt to enslave the stool will be eternally restricted by my stool.

“Iwo throne can never be subjected to the command of any secret society. I have freed my town. Even after my death, I trust Iwo people, they will never condone absurdity.”

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BREAKING: Remains Of Late President Buhari Arrives In Katsina [VIDEO]

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The body of former President Muhammadu Buhari has reached Katsina State for his official burial ceremony.

Contrary to the initially scheduled arrival time, the former president’s remains landed at exactly 1:59 pm, shortly after President Bola Tinubu arrived.

The aircraft carrying Buhari’s remains landed at the Umaru Musa Yar’Adua International Airport, where President Tinubu was expected to receive it before it would be transported to Daura for the burial.

Members of Buhari’s family also arrived at the airport, including the visibly emotional former First Lady, Aisha Buhari, who was seen among the crowd.

Aisha Buhari and her children, all dressed in black, were accompanied by Nigeria’s First Lady, Oluremi Tinubu.

Contrary to earlier reports suggesting the body would be flown in as cargo, Buhari’s remains arrived aboard the presidential jet, which also carried his family and a delegation led by Vice President Kashim Shettima.

 

More to come…

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BIG STORY

Amaechi Wears Turban To Buhari’s Burial In Daura

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Rotimi Amaechi, who previously served as the minister of transportation, attended the funeral of former President Muhammadu Buhari in Daura, Katsina state, wearing a turban.

Buhari, the former president and head of state, passed away on July 13. His burial took place in his hometown, Daura, amidst national mourning.

Amaechi wore the cultural headgear to the ceremony held in honour of the late leader.

Earlier on Tuesday morning, Buhari’s remains were transported from London to Nigeria aboard the presidential jet.

Why Is Amaechi Wearing A Turban?

Amaechi received the title of Dan Amanar of Daura — which translates to “trusted son of Daura” — on February 5, 2022, as an acknowledgment of his contributions to the transport sector.

At that time, Silas Zwingina, a former deputy majority leader in the Senate, dismissed suggestions that the turbaning had political undertones, instead calling it a cultural show of gratitude by the Daura Emirate.

Zwingina stated that the Daura Emirate traditionally honours those who have made significant contributions to the development of the area.

He said it was unrelated to politics and urged people not to attach unnecessary meanings to the gesture, noting that Amaechi’s completed projects in Daura and across Nigeria stood on their own.

Amaechi’s turban has previously stirred controversy. In 2022, Musa Saidu, a leader of Arewa in the south, asked him to refrain from using the turban during political campaigns.

Saidu said the turban carries strong Islamic significance and should not be used as a political symbol.

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