ABU DHABI, Feb 13 (Reuters) - A government body in the United Arab Emirates has rejected draft legislation that would have eased tight controls on foreign ownership of companies, with members citing security fears and threats to local businesses.
The Federal National Council (FNC), a partly elected body with a mainly consultative role, is reviewing the draft of a new companies law that would update legislation dating back to 1984.
At present, foreign firms can, generally, only operate in the UAE outside so-called "free zones" by partnering with a local entity in which they can only hold minority stakes.
Read more: http://www.zawya.com/story/UAE_assembly_rejects_easing_of_foreign_ownership_rules-TR20130213nL5N0BD7R52/
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