UAE prepares laws to boost investment

Our laws are quite old and should be revised to cope with the current economic situation and to stand up to the market challenges, UAE Minister of Economy says

Dubai: The Ministry of Economy is putting the final touches to 12 new laws, which are part of a plan to modernise the legislative system and enhance the UAE business environment, in line with the UAE strategic vision for 2021.

During an event held by Dubai Chamber of Commerce and Industry, the Minister of Economy Sultan Bin Saeed Al Mansouri said: "Our laws are quite old and should be revised to cope with the current economic situation and to stand up to the market challenges, according to the fundamentals of justice."

He said the new laws seek to address concerns about commercial regulations and arbitration and to promote efficiency, transparency, and investor confidence in the business sector.

The Competition Law, new Companies Law, Auditors Law, Arbitration Law, Foreign Investment Law, Industry Law, Industrial Ownership, the International Intellectual Property Rights Organisation, Certificate of Origin Law and Anti-Fraud Law are some of the laws that have been drafted to strength the country’s legal infrastructure and boost the economy.

Various other ministries have also been involved in this process, for which the Ministry of Economy is responsible.

The minister added that, despite the fact that the economy has recently seen some challenging times, it appears to be on the road to recovery.

"The UAE has enough reasons to be confident. The trade and economic statistics show that the macro-economic fundamentals remain strong, although there's cautious optimism among the private sector," he said. "The liquidity situation has improved and we expect slow recovery in the next two to three years.