The UAE Government is planning to implement new laws that will help restore more cohesion and confidence in the economy according to the latest reports. These amendments to existing laws will be introduced to update legislation and this is all part of the process to help encourage and enhance the UAE’s business environment as part of the new strategy as laid out in the Vision 2021 manifesto.
In a press release read by the UAE’s economy ministry yesterday they stated that the new laws will include changes in areas such as competitive practices, certification of origin,
outside investment, business regulation, amendments to industrial laws, anti commercial fraud and auditor’s profession regulation and companies’ law.
It is hoped that the amendments to the competition law will ensure more healthy business competition whereas the amendments in the commercial arbitration law will help to close up any loop holes in the commercial laws as they exist at present. It is also hoped that the new laws will help iron out some discrepancies in business regulation law and that this will help to boost the sector and allow it to be less transparent and more equal. The changes are being implemented largely because of the altered global business landscape and to maintain the UAE’s competitiveness going forward.Paul Holdsworth, Staff Writer, Gulf Jobs Market News