Apple Reportedly Granted Ownership Exemption to Open Retail Stores in U.A.E.

Apple Reportedly Granted Ownership Exemption to Open Retail Stores in U.A.E.

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Apple has been granted an exemption from foreign ownership laws in the United Arab Emirates to retain 100% control over the operations of its planned retail stores in the country, according to Bloomberg sources. Apple apparently refused to open up shop in the country without the exemption.

Under local regulations, all businesses operating in the U.A.E. must be 51 percent owned by Emiratis or a company wholly owned by them unless they are based in free-zones. The government is working on a new foreign investment law that would allow 100 percent foreign ownership in some industries, Minister of Economy Sultan Al Mansoori said in March.

“Apple was licensed in the U.A.E. through the Ministry of Economy according to the requirements of, and in compliance with the Commercial Companies Law, as well as the ministerial resolution on foreign company branches,” Ahmad Al-Hosani, director of trade registration at the Ministry of Economy, said in an e-mailed statement to Bloomberg.

Apple's first store is said to open in Dubai this year and then a second is planned for Abu Dhabi. Previous reports have claimed the retail store in Dubai's Mall of the Emirates will be the world's largest.

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Apple Reportedly Granted Ownership Exemption to Open Retail Stores in U.A.E.
AwwA - August 20, 2015 at 2:31am
The picture is not Dubai mall. It is Mall of the emirates.
Armstrong1889 - August 20, 2015 at 10:34am
There's no mention for (Dubai Mall) in the article...
@&/:*%#! - August 21, 2015 at 4:14am
It says "Dubai's Mall of the Emirates" which means MOE is located in Dubai. There is nothing wrong with the article's picture.
matrixXx - August 19, 2015 at 11:33pm
i wonder what's the benefit of having an even larger Apple store somewhere as the amount of different Apple products is somewhere in the range of ... five? uh... seven? oh! with the watch it may actually even be ten!
@&/:*%#! - August 21, 2015 at 4:26am
Bigger store means more store traffic and it can accommodate a huge amount of store visitors from the whole UAE and tourists from neighboring countries. It is also the first apple store in the middleeast. Dubai is a tourist destination in the middleeast. I am excited it will be in Dubai. We can now experience first-hand Apple's first releases! Yahoo!
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