Business | General
Companies law still under review by legislative panel
The much-awaited companies law is still under review by the legislative committee, according to a senior official.
- By Ahmed A. Elewa, Staff Reporter
- Published: 01:01 August 23, 2007
Abu Dhabi: The much-awaited companies law is still under review by the legislative committee, according to a senior official.
The law, expected to promote transparency in foreign direct investments, has been under consideration since last year.
"There are no delays in issuing the law. It is simply a process that must take its time," Ahmad Ali Al Hosani, director of the companies department at the Ministry of Economy, said yesterday.
Meanwhile, the Ministry of Economy announced yesterday that it issued a memorandum to 45 new private shareholding companies seeking a detailed update on their progress.
The term 'new companies' refer to these established since the year 2005, Al Hosani said.
"These companies submitted plans and economic feasibility studies, and we seek to verify that progress is in place," he added.
The move does not come as a reaction to any violation, but rather as a safety valve, Al Hosani explained.
"From now on, we will request progress reports every six months."
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