The United Arab Emirates is preparing a law that would open the economy to greater foreign ownership, ending decades of restrictions that ensured local corporate dominance.

Sheikha Lubna al-Qasimi, the economy and planning minister, said a long-awaited companies’ law would open some areas within the services sector to full foreign ownership. The law would also allow greater foreign participation in other areas, crucially in the fast-growing financial services industry, where outside investors are limited to minority stakes.