The National Corporation for Tourism and Hotels (NCTH) in the UAE announced that it had obtained all required approvals from all related authorities to amend Article (7) of the statute. The amendment which was published in the Official Gazette includes opening the ownership for non-UAE nationals of a percentage not exceeding 49 percent of the firm’s equity.
Upon amendment, Article (7) indicated that all company’s shares are nominal, and any natural or legal person, whether a UAE citizen or not, may own any of the company’s shares.
NCTH affirmed that this move serves as a qualitative addition to assist shareholders, stimulate economic growth, and attract non-UAE nationals to invest in the country.
This comes in light of the UAE’s prestigious investment environment across many disciplines, as well as its global competitiveness and continuous leadership in the MENA.
