On Tuesday 1st March 2011, the DEC Secretariat-general hosted a hearing session on the UAE Company law draft project. The session was chaired by HE Juma Al Majed, DEC Chairman, in the presence of HE Abdulaziz Al Ghurair, Chairman of the UAE Federal National Council, HE Hani Al Hamli, DEC Secretary-general, and representatives of local business community of both public and private sectors. The session was also attended by the Legal Affairs Department of the Government of Dubai headed by Dr Lowai Belhoul, Director General, and Dr Mustafa Albendari, senior legal advisor.
HE Juma Al Majed pointed out to the importance of company law for the UAE economy due to its direct impacts on the local business sector, foreign investment movement, in addition to its role in organizing the legal forms of companies operating in the country. Al Majed called all economic activities in Dubai to take part in drafting and enhancing the project in the direction that the officials concern could arrive at new and complete law.
HE Al Majed also praised the devoted efforts made by the DEC Secretariat in reviewing and commenting on the draft. He also thanked all departments, federal and local, who participated in this project.
HE Dr Lowai Belhoul, Director General of the Legal Affairs Department has presented a briefed background on the law draft stages. In particular, he appraised the DEC role in reviewing the first draft of the proposed law since 2003. He said that DEC has formed many committees to study the aforementioned project in addition to the networking it made with several departments in the UAE. Dr Belhoul has also appreciated the recommendations proposed by the DEC that have been forwarded to the officials concerned. Dr Belhoul clarified that what is required today is to forward the viewpoints and recommendations of the business community of Dubai and the UAE regarding the latest draft of the law.
The audience has shown different perspectives about the mechanism of reviewing the law draft and the structure of the recommendation supposed to send to the officials concerned.
HE Hani Al Hamli has highlighted the role of the DEC Secretariat in this project. He said that the Secretariat always sought to cooperate with different local and federal departments to enhance the project. He also asserted that the Secretariat seeks to employ its specialized legal experts to study the current legal environment of the UAE, and to advocate the best practices worldwide in this regard taking in consideration the nature of legal requirements for the local businesses. Al Hamli asserted that the ultimate aim of these efforts is to strengthen the legal infrastructure of the UAE for the aim of enhancing the economic development movement.
At the end of the session, the audience recommended to form a committee comprising of DEC Secretariat, representatives of local business sector, Dubai Chamber, Legal Affairs Department, in addition to a number of local and federal departments. The mandates of this proposed committee is to address the main issues of the law draft and then to conclude significant recommendations in this regard to ber forwarded to the officials concerned.