“The world’s leading agtech (agricultural + technology) companies are coming to transform the Abu Dhabi desert sand into silicon,” said Chairman Mohammed Ali Al Shorafa of the Abu Dhabi Department of Economic Development.
In an interview with a local media, Chairman Al Shorafa said that the UAE recently passed a new company law allowing 100% foreign ownership of shares.
Abu Dhabi is one of the seven emirates of the United Arab Emirates (UAE), along with Dubai as the two largest emirates.
It opened 13 major economic sectors, including renewable energy, agriculture, transportation, and e-commerce, to foreign investors without restrictions.
Chairman Al Shorafa explained, “The step is designed for the diversification of the structure of the economic industry and the nurturing and development of key sectors. It also aims to reduce the country's dependence on oil.”
Abu Dhabi, which owns about 95% of the UAE's oil reserves, is currently dominated by the oil, gas and construction industries. A major structural improvement is urgently needed for the era of non-petroleum.
He emphasized, "Through this measure, we want to help entrepreneurs make business easier by improving the investment environment, focusing on Abu Dhabi's high-growth sectors, such as financial services, tourism, Agtech, information and communications, health services, and biopharmaceuticals."