New companies law expected to be issued during 2011, says Al Mansoori

Press release

Published February 16th, 2011 - 01:57 GMT

Al Bawaba

His Excellency Sultan Bin Saeed Al Mansoori, UAE Minister of Economy clarified today that a section of the media has misrepresented him on his statement regarding full foreign ownership according to the new companies law.

Mr Al Mansoori said he had told reporters earlier today on the sidelines of the Fifth Gulf Cooperation Council (GCC) Regulators’ Summit that the new companies law may be issued before the end of 2011, adding that the ministry has finalised the draft and was waiting for approval from the UAE authorities concerned.

The Minister reiterated that the Ministry of Economy is always keen to deal transparently with the media by providing all the information on the latest developments concerning the nature of the work of the ministry. The Ministry would not provide any information unless it is objective and transparent.

The Ministry of Economy is working on 14 new draft laws, including the new company law, foreign investment law and industries law. Most of these laws are in the final stages. The Ministry has sent some of the draft laws, including the companies law, to the relevant authorities for necessary follow-up and action.

Background Information

UAE Ministry of Economy

Ministry of Economy carries out the preparation of the project of the General Development plan of the state, identifies its stages and annual divisions and all matters associated to that such as projects, legislations and proposals. All in view of the general strategic plan of the state and the studies it makes besides the preprograms and information presented by the various ministries.