Foreigners opening a company in the UAE will no longer need an Emirati shareholder or agent under changes to the UAE company law that will take effect on June 1,  said the state news agency WAM.

"The amended Business Companies Law aims to boost the country's competitive advantage and is part of the UAE government's efforts to facilitate business," said Economy Minister Abdulla bin Touq Al Marri.

The UAE announced the law allowing 100% foreign ownership of companies last year, one of several measures to attract investment and foreigners to the Gulf state.

A previous foreign investment law in 2018 allowed foreigners to own up to 100% of some companies, and foreigners could already own up to 100% of those registered in designated business parks known as "free zones."