UAE Approves Federal Agency Law Amendments to Boost Trade, Investment

UAE Approves Federal Agency Law Amendments to Boost Trade, Investment

The UAE Cabinet has a approved a draft law amending provisions in the 'Agency Law' to enhance trade and investment development to boost the country's competitive business climate in line with international standards and regulations.. The 'Agency Law' or the Federal Law No. 18 of 1981 regulates commercial agency and distribution agreements within the country.. In an official statement released by the UAE Cabinet General Secretariat on Saturday stated that amendments will see changes to certain provisions within the Agency Law, particularly concerning the business sector, public shareholding companies, UAE nationals and foreign investors.. "The amendments target the aforementioned groups to contribute towards bolstering the UAE economy and increasing investments opportunities through the provision of high-quality services, and allowing family-owned companies the opportunity to turn into public joint stock companies.. The statement noted that such changes will further encourage UAE nationals to engage in business activities, and invest in public shareholding companies while protecting their interests..