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‘Urgent Steps’ to be Taken to Reform UAE’s Financial Systems

Dubai, UAE : 24 May 2010

The Supreme Fiscal Committee’s Chairman, Sheikh Ahmed Bin Saeed Al Maktoum has said that Dubai will be setting up a Debt Management Office in order to improve the regulatory infrastructure of Dubai and co-ordinate the means in which government debt is raised. 

The move will be coupled with an overhaul of the legal and regulatory systems at a federal (UAE) level to address ‘gaps’ in the current structure.

Sheikh Ahmed said the changes, which he described as ‘a policy priority,’ were necessary in order to leave Dubai and the UAE with a ‘clear framework’ that operated in accordance with ‘international principles.’

Many of Dubai’s finance laws came to light as a result of the financial crash, including the fact that a bounced cheque is currently ruled a legal offence. This led to a number of business owners choosing to flee the Emirate when their businesses faced trouble, rather than run the risk of a spell in prison. 

The announcement of a new regulatory system follows news last week that Dubai World had finally reached an agreement with its creditors to repay them over a five and eight year period.

Sarah O'Connell, Staff Writer, Gulf Jobs Market
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