May 06 2012
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Economic Council reviews laws to create better business climate
Sunday, May 06, 2012
Dubai: The Dubai Economic Council (DEC) recently met for its first session of 2012 to review and discuss drafts of the financial restructuring and bankruptcy law and the Commercial Companies law.
Shaikh Ahmad Bin Saeed Al Maktoum, Chairman of the Supreme Fiscal Committee, stressed that the update in the laws would strengthen the business environment and makes it attractive to local and foreign investments, and a driving force for higher competitiveness.
Juma Al Majid, Chairman of the Council, said “the need for careful consideration of the financial restructuring and bankruptcy law draft to ensure that it serves the national economy”.
Majid said the UAE leadership understands the importance of updating the regulatory framework, and guide the various federal institutions to modify and develop economic laws in order to cope with rapid changes taking place in the local, regional and international arena.
Hani Al Hameli, the Secretary-General of DEC, said that incorporating a Bankruptcy Law will reassure investors in a system that identifies the risks that companies may be exposed to.
The conference will review the best global practices and ways to develop the said federal law, taking into account issues peculiar to the UAE.
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