The UAE Cabinet on Tuesday afternoon approved 100% foreign ownership in 13 sectors and across 122 economic activities.
The 13 sectors include space, renewable energy, manufacturing industry and agriculture, among others.
There is a range of economic activities including power transformers, solar panels and hybrid power plants covered under the new ruling.
According to the state news agency WAM, the UAE Cabinet, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, also said that the foreign ownership will apply to transport and storage, allowing investors to own projects in the field of e-commerce transport, supply chain, logistics, and cold storage for pharmaceutical products.
The other areas now open to foreign ownership are hospitality and food services, information and communications, as well as professional, scientific and technical activities.
That will, in turn, allow investors to own laboratories for research and development in biotechnology.