11 Apr 2010
(MENAFN) UAE’s Ministry of Economy announced that it plans to introduce new laws as part of modernizing the country’s legislative system and business environment. This revamp comes in line with the country’s strategic vision for 2021.
According to the ministry’s statement, the new laws will cover foreign investment, competition, certificate of origin, arbitration, industry affairs regulation, amendment of industrial ownership, anti commercial fraud, auditors’ profession regulation and companies’ law.
The competition law will lay down the procedures governing healthy competition in business, while the law of commercial arbitration aims to close the gaps in the existing one, the statement said.
Minister of Economy, Sultan Al Mansouri, said that 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.
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