Economists say law has been detrimental to economy
The UAE Ministry of Economy has yet again postponed the implementation of 'sleeping sponsor' law.
This is the eighth consecutive year the law has been postponed because the ministry wants to re-examine the legislation thoroughly.
Sultan bin Saeed Al Mansouri, Minister of Economy, told Emarat Al Youm: "The ministry wishes to re-examine the law so that it is well-balanced to boost the national economy and attract more investments."
The law proposes strict penalties on Emiratis and residents who set up fake partnerships in commercial and industrial projects.
Meanwhile, economists quoted in the report expressed happiness at the postponement saying if the law is implemented now it would be detrimental to citizens. It could negatively impact the direct incomes of citizens and thereby affect foreign investments Economists urged the ministry to protect the rights of citizens who enter into business partnerships and land up with debts and court cases.
© Emirates 24|7 2011
