New UAE law to help businesses move forward

New UAE law to help businesses move forward

UAE, Spain discuss ways to bolster economic ties

His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and the Ruler of Dubai, chaired the Cabinet meeting that redefined crimes involving cheques, a long-awaited reform that will go a long way in boosting business confidence.

Sheikh Mohammed Bin Rashid Al Maktoum.

"This announcement will enhance business confidence and is good news when the businesses require support during tough times.

Ms Leena Parwani, Founder and Chief Executive Officer of LPH Financial Services, told Gulf Today that as businesses undergo a tough time, it is important to extend help for them to continue with business activities and come back strong and pay debts.

"Cheque bounce is a financial offence and not a criminal act. Decriminalisation of bounced cheque is a long overdue