Property in Dubai
UAE focusing on new laws to boost investments
The UAE Ministry of Economy is in the process of finalizing the 12 new laws that are to form a part of the plan to modernize the legislative system and improve the business environment, inline with the UAE strategic vision for 2021.
The UAE laws are quite old and need to be revised to meet the current economic situation, and to stand up to the market challenges, said the Sultan Bin Saeed Al Mansouri, the Minister of Economy, speaking during event held by the Dubai Chamber of Commerce and Industry.
The new laws aim to answer the concerns pertaining to commercial regulations and arbitration and to boost transparency, efficiency and investor confidence in the business sector.
Among the laws that will be amended are The Competition Law, Auditors Law, Arbitration Law, Foreign Investment Law, new Companies Law, Industrial Law, International Intellectual Property Rights Organization, Certificate of Origin Law and Anti-Fraud Law. These have been drafted to improve the country’s legal infrastructure and boost economy.
The UAE is on the road to recovery and can remain confident. The trade and economic statistics indicate that macro-economic fundamentals continue to remain strong, although there is cautious optimism in the private sector. The liquidity situation has however improved and slow recovery is expected within next two to three years, the Minister said.
Posted on 31/8/2010