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New law for Dubai government bodies to set up a company

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Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said that improving the legal framework is a key element in improving the growth prospects of various sectors.

to accelerate economic development and promote investment, Dubai attaches great importance to creating an integrated legislative infrastructure that facilitates equal opportunities for the public and private sectors. We want the private sector to play an important role in shaping the future of the national economy and in achieving sustainable development. A legislative framework that protects their interests is crucial for their growth and success. ”

“We don’t want to be a competitor of the private sector, but rather try to complement it. The partnership between the public and private sectors adds significant value to Dubai’s sustainable development.”

To establish a government-owned enterprise, the public entity must follow the standardized procedures outlined in the resolution. It should coordinate with the Dubai Department of Finance to prepare a feasibility study for the new venture and adhere to the articles of the UAE Federal Law No. (2) of 2015 on commercial companies. The Dubai Department of Finance, in coordination with the General Secretariat of the Executive Council, will review the company’s feasibility study, conduct a competition analysis and submit its recommendations to the President of the Executive Council or the First Vice President of the Executive Council for approval.

The new resolution cancels any other legislation that contradicts or contests its articles. The resolution will be published in the Official Gazette and will be effective from the date of publication.

To view the full article, visit the website: Khaleej

 

 

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