UAE Cabinet approves draft law amending nation’s Federal Agency Law

UAE Cabinet approves draft law amending nation’s Federal Agency Law

Filed on January 18, 2020 | Last updated on January 18, 2020 at 08.06 pm. The UAE Cabinet has a approved a draft law amending provisions within the nation's Federal Law No. 18 of 1981, otherwise known as the 'Agency Law' that regulates commercial agency and distribution agreements within the country.. According to a statement released on Saturday by the UAE Cabinet General Secretariat, the amendments come within the framework to enhance the country's trade and investment development to boost the UAE's competitive business climate in line with international standards and regulations.. The draft law 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.. This, the General Secretariat statement explained, will open up varied opportunities for companies, allowing for continued growth for future generations.. It aims to enhance the capabilities and continuity of family businesses, as well as to establish rules of governance and protection from defaulting, the Cabinet