Posts Tagged ‘law’

Jobless Emirati on increase

The UAE has one of the lowest unemployment rates in the Middle East but joblessness among its own citizens far exceeds the average given their preference for the public sector, (govt jobs) which have easy timings, carry more financial benefits and bring less work load.

“The UAE’s overall unemployment rate averaged around 4.2 per cent in 2009… but the rate was as high as 14 per cent among nationals,”

Protection to Lenders

The new law is drafted & finalised, issued to protect the lenders.
The law facilitates redemption of funds fraudulently seized by individuals from either public or private money. Under the new law, convicted persons will face 5 to 20 years imprisonment. The law permits immediate release of convicts once they fully return the money to their lawful owners or through settlement agreements negotiated with their debtors.

Imprisoned convicts will be granted access to conduct all necessary external communications that guarantee timely redemption of funds.

The law is of an immediate effect and to be published in the official gazette

Designed to protect Dubai’s economic interests and preserve financial rights of individuals, the new law comes in line with Dubai’s ongoing efforts to eradicate all forms of fraud, enhancing the emirate’s position as a leading global business hub.
His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, today issued a law imposing tough penalties aimed to safeguard public and private funds in Dubai.

Own your business

UAE may allow foreigners to get full business ownership.

The UAE is considering changes in its federal laws that would permit international companies to hold 100% ownership of businesses they establish in the UAE, The National has reported. Currently, foreigners must have a UAE national as a sponsor and are limited to a maximum 49% ownership of businesses in the country, except in free zones. The new legislation, which will be submitted to Cabinet within two months, are aimed at boosting foreign investment. ‘A lot of industries worldwide are very interested to move here to the UAE, providing there are certain terms and conditions they would like to see in the industrial law,’ Sultan al Mansouri, the Minister of Economy, said yesterday.

This will help foreign investment INFLOW, Bahrain is 1st in the region to adopt the Own your business laws.

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