FNC resumes debate on new UAE companies law

The Federal National Council will try to finish debating the new Companies Law this week with a second extrordinary two-day session.

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The Federal National Council will try to finish debating the new Companies Law this week with a second extrordinary two-day session.
By the end of it, the 383-article law will have been discussed for a total of four days - the longest debate of any law in the FNC's 41-year history.
On the first day, last Tuesday, the council managed to cover just eight articles. The next day they managed another hundred, leaving them 275 to get through.
"It is a very sensitive law which will affect the entire nation," said FNC member Ali Al Nuaimi (Ajman), a member of the finance, economy and industry committee.
"We have spent a lot time analysing every one of the 108 articles we have covered so far and all of the members have had their say on each of them. Mr Al Nuaimi is confident two extra days will be enough. "Most of the main articles with a lot of sticking points have been addressed and all that remains is fine tuning the law."
The council has already removed an article that would have allowed the Cabinet to let foreigners own more than 49 per cent of companies outside the free zones.
"The members and Minister of Economy decided it would be better to include this article in the Investments Law, at which time it can be more thoroughly analysed."
The Companies Law has been under discussion for more than three years, and is intended to replace one passed in 1984.
tsubaihi@thenational.ae