The United Arab Emirates (UAE) has assumed a leading role in attracting foreign investments in the region through the implementation of the Foreign Direct Investment Law of 2018 (FDI Law). The goal of the FDI Law is to create a pathway and framework that would enable 100 percent foreign ownership of UAE limited liability companies beyond the allowed 49 percent cap in mainland UAE. The efforts have been bolstered by the latest FDI Decree that offers full foreign ownership to businesses in the UAE, except ‘strategic impact’ activities. Therefore, the purpose of this article is to explore the potential impact of the FDI Decree on inflows of foreign investments into the UAE. The article also examines the persisting question about the legal validity and enforceability of side agreements. Preliminary findings have shown that the FDI Decree is a significant step towards the liberation and modernization of the UAE foreign investment landscape. The new regime will certainly spur inbound flows of foreign investments into the UAE. However, it is still too early to ascertain the extent of the Decree in encouraging greater foreign investment and ultimately diversifying the UAE economy. Additionally, concerns over the legal validity and enforceability of side agreements will persist under the new regime pending the release of the Strategic Impact List. A major issue is the uncertainty surrounding the proactive implementation of the Anti-Fronting Law, which prohibits side agreements with UAE nationals. The future of the Anti-Fronting Law is critical, considering that limiting or prohibiting side agreements will undermine the UAE’s quest for liberalization and modernization. Foreign investors must now develop future-proofing actions to take advantage of the new law. Ultimately, foreign investors will have the final word after the full implementation of the FDI Decree.

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2020 年阿联酋 FDI 法令和附带协议的潜在影响

阿拉伯联合酋长国（UAE）通过实施 2018 年外国直接投资法（FDI 法）在该地区吸引外国投资方面发挥了主导作用。《外国直接投资法》的目标是创建一个途径和框架，使阿联酋有限责任公司的外资所有权超过阿联酋大陆允许的 49% 的上限，达到 100%。最新的外国直接投资法令支持了这些努力，该法令向阿联酋的企业提供完全的外国所有权，但“战略影响”活动除外。因此，本文的目的是探讨 FDI 法令对外国投资流入阿联酋的潜在影响。本文还探讨了关于附带协议的法律有效性和可执行性的长期问题。初步调查结果表明，外国直接投资法令是朝着解放和现代化阿联酋外国投资格局迈出的重要一步。新制度肯定会刺激外国投资流入阿联酋。然而，现在确定该法令在鼓励更多外国投资和最终实现阿联酋经济多元化方面的程度还为时过早。此外，在战略影响清单发布之前，在新制度下，对附带协议的法律有效性和可执行性的担忧将持续存在。一个主要问题是围绕积极实施《反前沿法》的不确定性，该法禁止与阿联酋国​​民签订附带协议。反前沿法的未来至关重要，考虑到限制或禁止附带协议将破坏阿联酋对自由化和现代化的追求。外国投资者现在必须制定面向未来的行动，以利用新法律。最终，外国投资者将在 FDI 法令全面实施后拥有最终决定权。