Asharq Al-awsat English https://aawsat.com/english Middle-east and International News and Opinion from Asharq Al-awsat Newspaper http://feedly.com/icon.svg

UAE’s President Approves Wide-Ranging Amendments to Economic Legislations

UAE’s President Approves Wide-Ranging Amendments to Economic Legislations

Sunday, 28 November, 2021 - 06:30
UAE flag flies over a boat at Dubai Marina, Dubai, United Arab Emirates May 22, 2015. REUTERS/Ahmed Jadallah

UAE President Sheikh Khalifa bin Zayed Al Nahyan has approved a wide-ranging reform of the country’s legal system, which aims to strengthen economic, investment and commercial opportunities, in addition to maximizing social stability, security and ensuring the rights of both individuals and institutions, Emirates News Agency (WAM) reported.


The draft of new laws and legislative amendments came during the "Year of the 50th" and are intended to keep pace with the developmental achievements of the UAE and reflect the country’s future aspirations. Over 40 laws are included in the changes, which together represent the largest legal reform in the young nation’s 50-year history, WAM said Saturday.


The amendments aim to develop the legislative structure in various sectors, including investment, trade and industry, as well as commercial company, regulation and protection of industrial property, copyright, trademarks, commercial register, electronic transactions, trust services, factoring, and residency, in addition to laws related to society and personal security including the Crime and Punishment Law, the Online Security Law, and laws regulating the production, sale and use of narcotics and psychotropic substances.


The new legislative changes came after intensive coordination at both the local and federal levels, where teams comprising 540 specialists and experts from 50 federal and local authorities have worked together over the past five months in consultation with over 100 private sector organizations in order to reflect global best practice in the new legal provisions.


For example, the amendments to the Law on Electronic Transactions and Trust Services aim to keep pace with technological development and enhance ongoing digital transformation.


The law gives digital signatures the same weight as a handwritten signature, a step that obviates the need for personal presence in order to seal transactions and supporting the globally-based completion of government transactions such as contracts and agreements using a digital signature, provided that the country where the transaction originates has adopted sophisticated authentication mechanism and trust services similar to the UAE standards.


Editor Picks

Multimedia