Dubai Chamber: The new Commercial Companies Law will strengthen UAE's position as a global business hub

Dubai Chamber of Commerce, in cooperation with BSA Ahmad Bin Hezeem & Associates LLP, recently organised a workshop updating businesses on the most significant changes introduced in the new UAE Commercial Companies Law, which came into effect earlier this year.

The workshop was attended by 83 participants, including Dubai Chamber of Commerce members, business owners, general managers, lawyers, legal practitioners, corporate counsel, contract administrators, and investors representing a wide range of economic sectors.

The sessions were moderated by Lara Barbary, Partner, BSA Ahmad Bin Hezeem & Associates LLP; Ken Dixon, Of Counsel, BSA Ahmad Bin Hezeem & Associates LLP; Derek Robins, Associate, BSA Ahmad Bin Hezeem & Associates LLP; and Musab Iftikhar, Associate, BSA Ahmad Bin Hezeem & Associates LLP.

During the sessions, the speakers provided an overview on the differences between the previous Commercial Companies Law and the new law, notable changes introduced by the new Commercial Companies Law; the impact of the new law on companies, and compliance with new provisions, as well as implementation challenges.

Jehad Kazim, Vice President of Legal Services at Dubai Chamber of Commerce, said that the new Commercial Companies Law is a positive move aimed at enhancing the UAE’s economic competitiveness by aligning its regulation with the best international practices, adding that the new law will strengthen the country’s reputation as a global business hub.

For her part, Lara Barbary said that the new UAE Commercial Companies Law, which came into effect on 2nd January, 2022, introduced some significant changes impacting businesses in the UAE, adding that the workshop provided great insight to BSA as a firm and highlighted the need for such sessions explaining the practical implications of such regulatory amendments.

Dubai Chamber of Commerce regularly organises training seminars and workshops to raise awareness about important matters and issues impacting the business community in Dubai. These events fall in line with its strategic objectives of creating a favourable business environment and supporting business growth in the emirate.

News Source: Emirates News Agency