The UAE cabinet revealed on Sunday, May 20, plans to allow 100% ownership and visa incentives to foreigners by year-end, in a bid to attract investors to boost its slowing national economy, the state-run WAM news agency reports.

The new rules include allowing foreigners to control a company outright as well as offering residency of up to 10 years to specialists in technical, research, scientific, and medical fields.

The modifications are part of a wider change to the system that aims to lure international investments and competencies to the UAE, and thus raise the country’s economic competitiveness globally and provide a major boost to its real estate market.

Sentiment for property shares was lifted by the decision as Dubai stocks climbed on Monday, May 21, Reuters-affiliated website Zawya reports.

Emaar Properties surged to around 3% and DAMAC Properties climbed to almost 5%, lifting the Dubai index by nearly 1% to a more than two-week high of 2,947 points, Zawya adds.

Currently foreigners in the UAE cannot own more than 49% of any UAE firm unless it is incorporated in a special ‘free zone.’

The cabinet meeting was presided over by Sheikh Mohammed bin Rashid Al Maktoum, vice president and prime minister of the UAE and ruler of Dubai. He directed the economy minister to implement the resolution and submit a study following up its impact in the third quarter of this year, WAM states.