A committee at “NBK” discusses the “new project” in the presence of representatives of the “Ministry”

«Economy»: The commercial agencies bill is still in its legislative stages

During a meeting of the Financial, Economic and Industrial Affairs Committee of the National Assembly.

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The Ministry of Economy confirmed - contrary to what was reported by international media - that the new commercial agencies bill is still in the stages of its legislative cycle according to the mechanism followed in the country to issue and approve laws, and that it is still too early to give details about the bill and to go into its amendments, as it was transferred, finally , from the Council of Ministers to the Federal National Council, where it will be discussed, and it may be subject to further modifications and improvements in cooperation between the competent committees of the National Council and the concerned government agencies. The Financial, Economic and Industrial Affairs Committee of the Federal National Council, during its meeting held yesterday at the headquarters of the Council's General Secretariat in Dubai, headed by the Chairman of the Committee, Dr. Tariq Humaid Al Tayer, began discussing a draft federal law on the regulation of commercial agencies, in the presence of representatives of the Ministry of Economy.

The meeting was attended by members of the committee, the committee’s rapporteur, Mira Sultan Al-Suwaidi, Osama Ahmed Al Shafar, Aisha Rashid Laytim, Aisha Reda Al-Bairaq, Saeed Rashid Al-Abedy and Marwan Obaid Al-Muhairi, while the delegation of the Ministry of Economy was headed by the Undersecretary of the Ministry, Abdullah Ahmed Al Saleh.

During the meeting, the committee discussed some articles of the draft law, which included the basic concepts and objectives of the draft law, as it was stated in the explanatory note received from the government that the draft law regulating commercial agencies, which includes 27 articles, aims to update the provisions regulating the activity of commercial agencies in the country, to enhance the role of This vital activity is to support the national economy in a sustainable manner, and to keep pace with the economic trends adopted by the state, especially in the field of investment promotion, as well as to enhance transparency, integrity and balance of relations between the agent and the principal.

Reviews and studies

Sameh Awadallah À Dubai /

The Dubai Chamber confirmed that the rapid changes that the UAE and Dubai are witnessing in various sectors and at all levels confirm the seriousness and success of its approach in developing a new work methodology that simulates the changes and enhances its global leadership for the next fifty years. The Chamber said in a statement on the Commercial Agencies Law: "There is no doubt that the establishment of a competitive and sustainable economic system that has positive results on all sectors, and contributes to improving the lives of individuals and society, requires a modern regulatory and legislative infrastructure that keeps pace with the changes and speeds up the transformation process."

She added: "Based on its main role in enhancing Dubai's position as a global capital of economy and business, and representing and supporting various business sectors, the Dubai Chamber reviews, expresses opinion and studies on relevant laws, decisions and legislation, including the regulation of commercial agencies through recommendations made to the relevant government agencies in this regard. Based on realistic data based on the opinions and proposals of the private sector, within a consultative framework and positive constructive dialogue aimed at enhancing competitiveness, supporting the attractiveness of investments, and ensuring the sustainability of the success of national and global business projects.

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