By Neeraj Gangal
Move planned to ensure investors are given rights in managing their projects.
The UAE’s economy ministry is in the process of developing new laws as part of modernising the legislative system and enhancing the business environment in line with the UAE strategic vision for 2021.
foreign investment, competition, certificate of origin, arbitration, industry affairs regulation, amendment of industrial ownership, anti commercial fraud, auditors profession regulation and companies’ law, the ministry said in a press statement on Saturday.
The competition law will lay down the mechanisms governing healthy competition in business while the law of commercial arbitration will plug the gaps in the existing one, it added.
The new laws seek to address the existing gaps in commercial regulations and arbitration and promote efficiency, transparency, and investor confidence in the business sector.
“The UAE is revamping its legal system to reflect the changes in the global economic landscape and maintain its competitive edge as a centre of business. It is a thorough process that will fulfill specific conditions and requires a lot of time, research and consensus among all parties involved,” said Sultan Saeed Al Mansouri, Minister of Economy.
“The Ministry of Economy has its own strategy for strengthening the national economy and retaining the competitive edge of the UAE as a global business centre and investment destination. Our vision complements the UAE Vision 2012 and we work with all stakeholders in formulating policies and guidelines,” he added.
The new move aims to unify legislations for foreign investments and includes required exemptions and guarantees for investment projects.
It is planned to ensure investors the rights in managing their projects. The move will also bring down the cost through customs exemptions rates and the investment window services, which facilitates procedures of licensing, insurance and flexible capital transfer and effective mechanisms for resolving disputes.
“The Ministry has already prepared the competition law, which has been finalised by the Ministerial Legal Committee and will now be send to the Cabinet. This law will encourage competition and supports the UAE’s economic development drive. The law will reduce monopoly practices in line with the recommendations of the World Trade Organization during its last review for the trade policy of the UAE,” the ministry said.
As I did with all earlier announcements on intentions to introduce new laws (strata, company ownership (if there were more please insert): congratulations to the UAE on moving forward. Where other talk, you walk!
how the new law can be effective as long the exsiting penal law is aplicable and business men cannot guarantee fair or amicable resolution for any comercial dispute as long one of the parties have post dated or guarantee cheques ? unless the aplicable legal system are amended any comercial incentives or law will be precieved as general publicity without any real effect . atracting new investment should start by re-building confidence with the exsisting investors and releasing the presure on those who become victims of the financial crise.
Just wondering is the work Biz a correct English word to be used? I know what it means; but is it ideal to use the word "Biz" in publishing articles?? I am just wondering...
since last 20 years, on an average once every 2 years, we have been hearing this 'changes' to Company Law/Business Laws etc...finally nothing!! its time something is actually done rather then just planned...