UAE poised to issue new banking credit law

CREDIT MOVE: The UAE is poised to implement a new banking credit law to stimulate investment. (Getty Images)

The UAE is in the process of issuing a new banking credit law in a bid to lure more foreign investors, Minister of Economy Sultan Al Mansouri revealed on Monday.

"The Ministry of Finance has drafted the legislation which was referred to the Federal Cabinet for consideration and issuance after being revised by the ministerial committee for legislations," Al Mansouri stated on the sidelines of a symposium hosted by Abu Dhabi on business environment in the Arab world.

He added that the Ministry of Economy had also finalised the new draft company law and expected the law to be in place officially by next year, news agency WAM reported.

He said the two pieces of legislation would contribute to improving the investment environment in the country.

Such measures, he hoped, would lure more foreign investment and sharpen the UAE's business competitive edge in both Arab and international markets.

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