The last update on this law was listed on 30 May 2021
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- Article (1) Definitions
- Article (2) List of Activities with a Strategic Impact
- Article (3) Procedures to Approve the Licensing of Companies that Engage in Any of the Activities with a Strategic Impact
- Article (4) Amending Ownership in Activities with a Strategic Impact
- Article (5) Reports
- Article (6) Publication and Enforcement
Article (1) Definitions
In implementing the provisions of this Resolution, the following words and phrases shall have the meaning assigned to each of them, unless the context requires otherwise:
State: United Arab Emirates.
Competent Authority: The authority competent for companies’ affairs at the concerned emirate.
Regulatory Authority: The federal authority concerned with regulating the activity with a strategic impact.
Committee: The Committee of Activities with a strategic impact.
List of Activities with a Strategic Impact: The list that includes the activities subject to the necessary controls for licensing companies that engage in any of these activities in accordance with the requirements and conditions of the Regulatory Authority.
Foreign Investor: A natural or legal person who doesn’t carry the nationality of the State and invests in the State.
Article (2) List of Activities with a Strategic Impact
1. The list of activities with a strategic impact and the controls for licensing companies that engage in any of these activities shall be determined as shown in the following table:
|
# |
Activity |
Regulatory Authority |
Conditions & Controls |
|
1 |
Security and Defense Activities and Activities of Military nature |
Ministry of Defense and Ministry of Interior |
Subject to the approval and requirements of the Ministry of Defense or Ministry of Interior – each in its own field – in terms of: |
|
|
Banks, Exchange Houses, Finance Companies and Insurance Activities |
Central Bank of the United Arab Emirates |
Subject to the approval and requirements of the United Arab Emirates Central Bank in terms of: |
|
3 |
Money Printing |
||
|
4 |
Telecoms |
Public Authority for the Regulation of the Telecommunications Sector and the Digital Government |
Subject to the approval and requirements of the Public Authority for the Regulation of the Telecommunications Sector and the Digital Government in terms of: |
|
5 |
Pilgrimage (Hajj) and Umra Activities |
Public Authority for Islamic Affairs and Endowments |
Subject to the approval and requirements of the General Authority of Islamic Affairs and Endowments in terms of: |
|
6 |
Quran Memorization Centers |
2. List of activities with a strategic impact with a determine percentage of national participation in it:
|
# |
Activity |
Conditions & Controls |
|
7 |
Services related to fisheries |
The percentage of national participation in this activity shall be 100% |
Article (3) Procedures to Approve the Licensing of Companies that Engage in Any of the Activities with a Strategic Impact
1. A foreign investor – who wishes to engage in an activity with a strategic impact in accordance with clause (1) of article (2) of this resolution – shall submit the license application to the competent authority in accordance with the controls and conditions stipulated in federal and local legislation related to the activity.
2. The competent authority shall submit the application to the regulatory authority within a timeframe that doesn’t exceed (5) working days from the date of receiving an application meeting the requirements in accordance with the provisions of clause (1) of this article.
3. The regulatory authority shall issue – within a maximum period of (14) fourteen working days from the date of receiving the application or of fulfilling all the conditions and requirements in accordance with clause (2) referenced above – its decision as per the following:
a. Approval of the application and determining the percentage of national participation, and any controls and conditions deemed by the authority in accordance to clause (3) of this article.
b. Rejection.
4. The regulatory authority shall notify its decision to the competent authority in order to take the appropriate procedure in accordance with the conditions stipulated in clause (3) of this article.
Article (4) Amending Ownership in Activities with a Strategic Impact
Companies, licensed in any of the activities with a strategic impact, shall abide by all the applicable legislation in the State.
Article (5) Reports
The competent authority shall submit to the committee, periodically and every three months, a report of the licensed projects with a strategic impact and any amendments that may occur in terms of ownership or shareholders.
Article (6) Publication and Enforcement
This Resolution shall be published in the official gazette and shall come into force as of 01/06/2021.
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