The United Arab Emirates will introduce a new company law in six months which will allow majority foreign ownership in some sectors, the country's Minister of Economy said on Wednesday.

"It will be ready within six months," Sultan bin Saaed al-Mansouri told reporters in Dubai. "We will allow that wherever it helps the economy of the UAE," he said declining to name the sectors.
   
He said the ministry has set an inflation target of 5 per cent for 2008.

"We need to look and see how that can happen."    

Inflation in the second-largest Arab economy hit a 19-year high of 9.3 percent in 2006 and probably accelerated to 10.9 percent last year, the National Bank of Abu Dhabi said last month. - Reuters