16 May 2021, Edition - 2133, Sunday
Aster DM Healthcare Announces 100 percent Legal Ownership of its Business in Dubai
February 14, 2020
Business Wire India
- The Group received approval of the Dubai Authorities to hold 100% legal ownership in Dubai as compared to the previous 49%
- Nearly 80% of the Group’s revenue comes from the GCC market
The global healthcare service provider Aster DM Healthcare announced that the UAE government has allowed 100% legal ownership of its business in Dubai. Earlier, as per UAE law requirements, nationals of the UAE were required to be the legal/registered owners of the UAE companies and the foreign investors were allowed to hold upto 49%. With the recent development, the Government of UAE granted approval of 100% ownership to foreign companies in approved sectors. Subsequently, the Government of UAE released the list of sectors which could hold 100% foreign ownership, in which the Healthcare sector was also included.
The completion of transfer of 100% legal ownership of the subsidiaries in the Emirates of Dubai is expected to conclude by the end of current financial year.
Sharing his views on the development, Founder Chairman and Managing Director of Aster DM Healthcare, Dr. Azad Moopen
said, “Dubai is a significant market for us as it contributes almost 80% to our GCC business. I thank and appreciate the Visionary Rulers of UAE for this forward-looking change in law which will give impetus for more investments into the country.”