Stalled discussions about the revised companies law will resume next week, the UAE Minister of Economy Sultan Al Mansourisaid yesterday as the ministry aims to push through one of "the most critical laws" for the economy.
But decisions about raising foreign ownership limits, a much-anticipated clause that was stripped out of the original companies law, remained "open", he said.
"The companies law is one of the most important, critical for us," he told reporters in Dubai yesterday. "It was discussed thoroughly in February of this year during four meetings with the Federal National Council and we have completed 380 articles. We are going back on the 28th [of May] to fine-tune one or two articles and that will also be moving."
Mr Al Mansouri said the ministry was overseeing the passage of 11 new rules at various stages of fruition.
The most recent legislation to pass was the competition law, which was approved in February. The law aims to safeguard against the risk of monopolies over commodities in a bid to help protect consumers.
But the companies law is deemed one of the most important planks in the country's economic reforms, setting out a framework for how companies should be run and also containing rules on corporate social responsibility and voting rights.
In a move that disappointed lawyers and prospective foreign investors, members of the FNC, the government advisory body, decided in February that an easing of the existing 49 per cent restriction on foreign ownership should instead be part of the investment law, which is not due to be discussed until after the summer break. Currently, at least 51 per cent of a business has to be owned by an Emirati if it is located outside a free zone.
Since then planned discussions over the revised companies law by the FNC have been delayed on several occasions without a reason given to members.
"The regulation on foreign partnership was rejected by the FNC. But they highlighted the foreign investment law and whether we can add something through a clear framework that the foreign ownership could increase in investment in the UAE from 49 per cent," said Mr Al Mansouri. "This is still open as we will go back and discuss this first with the Cabinet and then the committee responsible for this with the Ministry of Justice."
He said a law for small and medium-sized enterprises was also waiting to be discussed by the FNC.
"This is a very important law for us and we need to finish it as soon as possible," he said. "It includes a lot of support for UAE nationals to be more open and go into SME [small and medium-sized enterprises] and provides a framework for how to start somewhere rather than go to work for the government."
tarnold@thenational.ae
Race card
6.30pm: Emirates Holidays Maiden (TB), Dh82,500 (Dirt), 1,900m
7.05pm: Arabian Adventures Maiden (TB), Dh82,500 (D), 1,200m
7.40pm: Emirates Skywards Handicap (TB), Dh82,500 (D), 1,200m
8.15pm: Emirates Airline Conditions (TB), Dh120,000 (D), 1,400m
8.50pm: Emirates Sky Cargo (TB), Dh92,500 (D)1,400m
9.15pm: Emirates.com (TB), Dh95,000 (D), 2,000m
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A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
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In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Everton%20Fixtures
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At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
The%20specs
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Surianah's top five jazz artists
Billie Holliday: for the burn and also the way she told stories.
Thelonius Monk: for his earnestness.
Duke Ellington: for his edge and spirituality.
Louis Armstrong: his legacy is undeniable. He is considered as one of the most revolutionary and influential musicians.
Terence Blanchard: very political - a lot of jazz musicians are making protest music right now.
KLOPP%20AT%20LIVERPOOL
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The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
