The move is part of a bigger, wider gameplan aimed at diversifying the country’s economy.

According to a news bulletin by the United Arab Emirates’ news agency WAM, its cabinet has approved steps that would allow foreign investors to have 100% ownership of UAE-based businesses by the end of 2018.

The decision to open up its economy is part of a bigger system aimed at diversifying the country’s economy. As part of these systemic changes, the UAE will allow residency visas, of up to 10 years, to investors and specialists in scientific, technical, medical and research fields, said WAM.

The cabinet meeting was chaired by Sheikh Mohammed bin Rashid Al Maktoum, vice president and prime minister of the UAE and ruler of Dubai.

As per WAM’s report, he directed the economy minister to implement the resolution and submit a study of its impact in the third quarter of this year, said WAM.

Currently, unless foreign business are incorporated in a “free zone” they cannot own more than 49% of any UAE firm.

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