India Inc moves to Dubai in droves as emirate eases ownership rules

The CEPA aims to boost India-UAE bilateral trade to $100 billion in goods in the coming five years

Reliance Industries Chairman Mukesh Ambani might have made news for purchasing the most expensive beach-side villa in Dubai recently, but he is not the only Indian eyeing the city for investment.

Since Dubai allowed foreign investors full ownership in specific sectors in June 2021, a horde of Indian companies have moved or expanded into the desert city. The list even includes a kindergarten, an elementary and middle school, and a hotel that has sought 100 per cent ownership.

According to the guidelines published by Dubai Economy on its website, 100 per cent foreign ownership (from 49 per cent earlier) is