This article first appeared in Business Standard on Oct. 30, 2022
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 available for more than 1,000 commercial and industrial activities excluding economic activities with a strategic impact.