The completion of the transfer of 100 per cent legal ownership of the subsidiaries in the Emirates of Dubai is expected to conclude by the end of the current financial year
Aster DM Healthcare has received approval of the United Arab Emirates (UAE) government to hold 100 per cent legal ownership of its business in Dubai.
Earlier, as per UAE law requirements, nationals of UAE were required to be the legal/registered owners of at least 51 per cent of the share capital of UAE companies and foreign investors could not acquire more than 49 per cent legal ownership, Aster DM Healthcare said in a statement.
The Government of UAE has now granted approval of 100 per cent ownership to foreign companies in approved sectors, including the healthcare sector, it added.
The completion of the transfer of 100 per cent legal ownership of the subsidiaries in the Emirates of Dubai is expected to conclude by the end of the current financial year, Aster DM Healthcare said.
The company is in the process of obtaining similar approvals in the other Emirates of UAE, it added.
“Dubai is a significant market for us as it contributes almost 80 per cent to our GCC (Gulf Cooperation Council) business. I thank and appreciate the visionary rulers of UAE for this forward-looking change in the law which will give impetus for more investments into the country,” said Azad Moopen, Founder Chairman and MD, Aster DM Healthcare.