Massive Legal Reforms Programme Drives UAE Economic Strategic Positioning
The United Arab Emirates has set the scene for 2022 with a massive legislative programme instituting key reforms in areas such as employment law, electronic transactions, data protection regulation and intellectual property law. The programme is designed to provide a solid foundation for the post-COVID recovery and growth programme in the context of increasing regional competition, especially from Saudi Arabia.
This follows on from a major toughening of the ultimate beneficial ownership and anti-money laundering regulatory regime which was rolled out in 2020 and 2021.
Other recent legislation widened out the types of ventures under which 100% foreign ownership is permitted but it remains to be seen if this will any material impact on the key free zones in Dubai or the petroleum and wider energy sector in Abu Dhabi.
Hugh Fraser International is now widening out its DMCC Plus+ Corporate & Compliance Solutions to cover all of the key business legal reforms and our Guidance on the new UAE Employment Law is supporting clients and connections to prepare for the commencement of the legislation on 2 February.