ABU DHABI, United Arab Emirates 

The Emirati government plans to end its monopoly on the sale of imported goods, in an effort to attract foreign investments, according to The Financial Times on Sunday.

The British newspaper said that the Gulf state’s government has informed its key business families of the new policy, as part of its efforts to promote competition and openness.

The United Arab Emirates (UAE) government "has now proposed legislation to stop the automatic renewal of existing business contracts, giving foreign companies the flexibility to distribute their own goods or change their local agent during the expiration of the contract," the newspaper said.

There was no official comment from the UAE authorities on the report.

Family-owned businesses, from small businesses to joint ventures built by leading business groups for decades, generate 90 percent of the Gulf state’s private sector, accounting for three-quarters of all employment.

The new policy is the latest effort by the UAE authorities to attract more foreign investments through competitive legal and social changes.

*Writing by Ahmed Asmar in Ankara