The new legislation and amendments will increase the confidence of businesses and attract more investment to the country
Analysts believe that the new laws and amendments, such as trade laws, data protection, protection of intellectual property rights and ease of digitalization, will increase the confidence of the business sector and attract more investment to the country.
New reforms in commercial companies, online security, commerce, copyright, residency and social issues will drive steady growth in the coming years, said industry experts, analysts and the company’s CEO.
Crow’s senior partner, Saad Maniar, said the United Arab Emirates was continuing to reform in order to thrive in this dynamic business environment.
“These legal reforms will increase fairness and efficiency, making the UAE one of the most attractive business powers,” Maniar told the Khaleej Times on Sunday.
He added that some businesses may see these reforms as a burden to follow because it will be costly.
“Ultimately, in the long run, these laws will contribute to increasing public confidence and protecting businesses and individuals from various risks,” he said.
A new era is beginning
Atik Munshi, managing partner of FinExpertiza in the UAE, said the UAE government was on its way to entering a new era of inclusion, and that reforms in the UAE’s legal structure were part of that change. He said the idea was to increase international participation in the UAE’s growth model and encourage the UAE to attract more talent, investors and residents.
“Ease of amending commercial law, protecting information, protecting intellectual property rights, and digitalizing will increase the confidence of the business community, while legal changes related to individual status will be perceived as more freedom for individuals. Munshi told the Khaleej Times.
“I think the country will be gradually similar to any state in Europe or the United States in terms of legislation. It is likely to be amended in the near future. In general, it will increase local consumption and the economy as the local population grows over time,” he said. Definitely, ”he said.
Pankaj Mundra, founder and chairman of 360tf, said the reforms would increase the liquidity of the UAE market and give confidence to banks, factoring companies and new fintechs focusing on the sector.
“As a long-term resident and a member of the economic community, the comprehensive legal reform of the UAE is an important step in achieving the development goals of this great nation. Of all the reforms announced for commercial finance professionals, the most advanced is the association’s first regulation on factoring and distribution of receivables.
He said that factoring is a major source of financing and growth for SMEs around the world and is an integral part of the company’s treasury and financial operations. Global trade receivables of more than $ 3 trillion are financed by factoring companies led by China and France.
“Statistics show that UAE financial institutions financed about $ 7 billion in working capital related to receivables last year, and this number is expected to increase as a result of new regulations and reforms,” Mundra said.
Hammer in the right direction
Al-Mukarram Group CEO Safdar Badami said the UAE government’s announcement of new laws and amendments was a step in the right direction and timely.
“The UAE is the regional economic hub, and these new laws will ensure an important process for intensifying business,” he said. “These amendments will leave the United Arab Emirates a country that prefers investment in the region, which will pave the way for the implementation of the country’s much-needed economic growth and development program.”
The best experience in the world
Bal Krishen, chairman and CEO of Century Financial, said any company doing business is always looking forward to working in a modern legal environment. He said the new reforms at the federal level introduced the world’s best practices.
In addition, the government is taking into account the technological changes that have taken place since the plague. For example, digital signatures are legalized. The protection of trademarks and intellectual property allows multinational corporations to operate reliably in the UAE. The Data Protection Act is also of concern, as data is a point of contention for various international authorities. The United States, meanwhile, has banned Chinese Tick Tok from misusing its citizens’ information.
“The data is a new oil and protection law,” he said. With these new reforms, the UAE, the world’s financial, tourism and trade hub, will be able to strengthen its reputation and compete for new businesses, ”Krishen said.
Online security law
Amine Sadi, Milestone Systems’ Middle East, North Africa and Turkey regional sales manager, said the changes to the online security law were a welcome step and would help individuals, companies and countries protect themselves from cybercrime.
“Video protection will continue to be used to combat these crimes,” he said. Open platform software, such as Milestone Systems, will significantly change the cyber security of businesses to protect businesses from attacks that disrupt business operations and cause significant financial and reputation damage to companies. This change is likely to change security best practices in the near future, ”Sadi said.
Electronic signature solution
Ola Lind, CEO of FTFT Capital, said the electronic signature solution helps store, track and validate documents, which will reduce costs and give you more confidence in the legal process.
“Strengthening the reliability of e-signature solutions is critical to the digital transformation of companies and the country. We will do it faster and provide more transparency to customers while strengthening security, ”Lind said.
Protection of trademarks and intellectual property rights
Ayman Yousef, vice president of Coldwell Banker in the United Arab Emirates, praised the move to protect trademarks, industrial property rights and intellectual property rights, saying it would pave the way for sustainable growth.
“Protecting intellectual property rights is critical to the development of an innovation-based economy, and this is exactly what the recent government laws are doing,” he said. You can’t support growth if you don’t protect the rights of people who come up with new ideas and patents. Therefore, the law will open the door for foreigners to do business on the beach, and the new trademark, industrial property rights and copyright laws will provide the protection and security needed to attract more investors and businesses to the country, ”Yousef said.
“Allowing investors and businesses to set up land companies in all sectors is a big step towards economic diversification and a knowledge-based economy,” he added.
Regarding the Civil Rights Front, he said that the United Arab Emirates supports diversity and participation, opens the door to FDI and creates a legal environment to protect all rights.
“All FDI investors in the UAE are provided with flexibility and reserved rights to meet personal and business requirements. The biggest advantage of the new law is that it allows women, minors, and people to be resolutely protected and flexible in line with other cultures and international interests, which will further benefit the country’s society and economy. he said.
National development movement
This is another comprehensive and important step towards the nation-building of the UAE’s leaders, said President Nitin Agarwal. He said the new laws would boost SMEs, creative talent and confidence in businesses in the UAE.
“These laws will continue to support the rights of residents, individuals and businesses. They will help implement the first digital program and make the service better and faster, both private and public, ”Agarwal said.
Low transaction costs
Mareva Kulamalla, head of marketing and communications at Acronis, Middle East and Africa, said that from a cybersecurity perspective, the new legislation would help provide electronic surveillance so that organizations would not have to worry about fake passwords.
“Given the loss of customer data and the frequency of ransomware attacks, a secure transaction platform may be a prerequisite, which may improve customer retention,” he said.
It has a profound and positive impact on businesses
Professor Paul Hopkinson, vice president of the School of Social Sciences at Heriot-Watt University in Dubai, said it was the largest legal reform in the UAE’s 50-year history and would have a profound and positive impact. in several ways to regional businesses.
For example, digital signature recognition makes it easier to make commercial transactions. Similarly, the new Law on Commercial Companies, which now allows investors and businesses to take full ownership of land companies, will naturally increase investment in regional businesses, which in turn will intensify the process of economic diversification. He said the latest cybersecurity and data protection laws, as well as the federal trademark law, are stricter than before and will benefit businesses and consumers.
“We welcome these new decrees, and on the occasion of the 50th anniversary of the UAE, there should be no better gift from the government for businesses in the region,” he said.