Thursday, Dec 04, 2008

Gulf News

Dubai: Plans to prohibit UAE ministers from being involved in any business-related professions, will increase transparency and confidence in the UAE business and financial sectors, a senior government official said.

"We have four or five ministers who before they became ministers, were leaders in the private sector. We are going in this direction which will help business even more and open more doors for private sector leaders to have positions in government," Hamed Bu Amin, director-general of the Dubai Chamber of CommerceDubai Chamber of Commerce, said to Gulf News.

The Federal National Council (FNC) has amended certain articles of the constitution, specifically one stating ministers will not be able to work in the private sector.

"From the private sector point of view, the government officials are (knowledgeable) in commercial activities and transactions. This is what put the UAE and the whole region in the location we are in. It's a positive move and will keep the public and private sectors as close as possible," Bu Amin said.

The move will ensure that transparency is increased in the UAE, making investors more confident in investing in the country.

Hussain Al Mahmoudi, director-general of Sharjah Chamber of Commerce and Industry (SCCI)Sharjah Chamber of Commerce and Industry (SCCI) told Gulf News that the amendment is both timely and a good addition to the policies and regulations of the UAE.

"Reflecting on the timing of the changes taking place," he said, "After 37 years, UAE is not just a regional but also a global player now. The fact that today we have incoming and outgoing investments across the globe and dealing with global constitutions requires that UAE also improve their regulations and systems."

Future changes

He added that this would be a part of the many changes that will come in the future. "This will definitely enforce the issue of corporate governance, transparency and allow a better grasp on addressing conflict of interest. It will improve the general business principle," he said.

Mark Beer, chairman of the British Business Group in Dubai, said. "Any move that promotes transparency and good governance is one that will further enhance the UAE's position as a regional leader and continue to attract foreign direct investment."

© Gulf News 2008. All rights reserved.

 

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