The UAE overhauled its commercial company ownership laws, annulling the need for an Emirati shareholder for onshore companies and opening up a number of sectors to foreign investors. This is aimed at boosting the country’s competitive advantage and attracting foreign capital to the Arab world’s second largest economy.

The President Sheikh Khalifa issued wide ranging and significant changes to the 2015 commercial companies’ law, amending 51 articles and introducing three new ones, the government said on Monday.