Any nationality can have freehold ownership of land in Dubai. However, this land can only be in specific parts of Dubai that are approved for foreign ownership by the Ruler. Foreigners, in this instance, include anyone outside of the UAE and GCC Nationals (UAE, Bahrain, Qatar, Kuwait, Oman, and Saudi Arabia). Only UAE and GCC individuals and companies are able to have freehold ownership of land anywhere in Dubai (this bars any company with foreign shareholders even if they're incorporated within UAE or GCC, but there are exceptions that deal with Public Joint Stock Companies that I have yet to fully comprehend).
Get the abbreviated story, with still far too much legal jargon here..
http://propdubai.com/articles/14/index.php
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