DUBAI: The UAE is at an advanced stage of drafting a foreign investment law to allow 100 percent foreign ownership of businesses in some sectors, the country’s economy minister said at a conference.

Sultan bin Saeed Al-Mansouri also revealed new foreign direct investment into country rose 25 percent to $13 billion in 2014.

He did not specify in which sectors the government would permit full foreign ownership of companies as part of the proposed law, which has been years in the making.

Currently, foreign companies wanting to retain full ownership must operate in one of the UAE’s many free zones.

Outside of these zones, firms usually must be majority owned by a UAE citizen.