Draft companies law scraps foreign ownership clause
Issue 948
- 07 Jun 2013
| 1 minute read
The Federal National Council (FNC) has passed a much-delayed draft companies law, which now – almost a decade since it was first discussed – needs to be signed into law by President Sheikh Khalifa Bin Zayed Al-Nahyan.
The name and scope of the law has proved problematic; on 28 May, the FNC voted to change the name to the Commercial Companies Law – as opposed to the Companies Law, a formula apparently favoured by economy minister Sultan Bin Saeed Al-Mansoori. UAE media reported that a further law would be drafted to cover professional and service firms.
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