(MENAFN - Khaleej Times) The Dubai Economic Council, or DEC, has reviewed and discussed both the drafts of financial restructuring and bankruptcy law, and commercial companies law, and the most important developments in this regard.
In the presence of Shaikh Ahmed bin Saeed Al Maktoum, President of the Dubai Civil Aviation Authority, Chairman of the Emirates Group and Chief Executive of Emirates airline, the DEC held the first hearing session 2012, which was headed by Juma Al Majid, the Chairman of the Council. The meting also reviewed and discussed policy recommendations for the DEC on the future of Dubai's development.
"The financial restructuring and bankruptcy law is an introduction to legal reform and enhanced development programmes," Shaikh Ahmed said. Hani Al Hamli, secretary-general of DEC, and representatives of both public and private sectors in the Emirate of Dubai also attended the meeting. A team from the Legal Affairs Department of the Government of Dubai, led by Dr Loay Belhoul, director-general of the department, Ministry of Finance's executives, Dubai Courts, in addition to DEC Secretariat's executives also attended the meeting.
Shaikh Ahmed said the UAE economy and other countries in the region living in a changing international economic environment. He 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. It also must be re-programming of the entire economic development strategy to cope with these changes.
He also asserted that the enactment of the financial restructuring and bankruptcy and the commercial companies laws fall under reform efforts and developments of the UAE in order to keep up with the developments taking place in the local and global economy.
"The need for careful consideration of the financial restructuring and bankruptcy law draft to ensure that it serves the national economy," Juma Al Majed said.
"The draft law is a paradigm shift in the legal framework of the national economy," Al Hamli said.
The economic benefits of the law, he said, will ensure the rights of market participants, especially the relationship between creditors and debtors, which results in increasing economic flexibility.
Meanwhile, Al Hamli said the DEC will organise a global policies conference on May 14 to discuss the draft law. The conference will review the best global practices in this area and ways to develop the said federal law, taking into account the peculiarities of economic and social development of the UAE.