UAE News Agency (WAM), Monday 31 May 2010

Ministerial Legislative Council Discusses UAE's Corporate Law

The Ministerial Council for Legislations has completed discussion of 320 articles of the new companies’ law draft.

Abu Dhabi, WAM:

The Ministerial Council for Legislations has completed discussion of 320 articles of the draft company law.

The Council held a meeting yesterday under the chairmanship of the Minister of Justice Dr. Hadef Jouan Al Dhahiri and was attended by Sultan Bin Saeed Al Mansouri, Minister of Economy, Mariam Mohammed Khalfan Al Roumi, Minister of Social Affairs, Dr. Anwar Mohammed Gargash, Minister of State for Foreign Affairs and Minister of State for Federal National Council Affairs, Dr. Rashid Ahmed Bin Fahd, Minister of Environment and Water, Obaid Humaid Al Tayer, Minister of State for Finance, Dr. Ali Ibrahim Al Hosni Executive Director of the Legal edicts and Legislation Affairs and a number of officials from the UAE Central bank.

It was reported in March that the UAE's new companies law, which is expected to come out in 2010, will relax foreign ownership restrictions but will stop short of allowing 100 percent ownership.

The Council will resume discussion of the remaining articles of the draft law in its next meeting.

WAM/AB