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ABU DHABI / WAM
President His Highness Sheikh Khalifa bin Zayed Al Nahyan, issued a Decree-Law No. (19) of 2018 on Foreign Direct Investment (FDI) which aims to promote and develop the country’s investment environment, and attract foreign direct investment in line with the national development policies.
In accordance with Article II, the decree-law aims to consolidate the country’s position as a major attraction for foreign direct investment at the regional and global levels, attract and encourage foreign investment, expand and diversify the production base, transfer and attract advanced technology, knowledge and training, in addition to increasing the flow of FDI in priority sectors to achieve balanced and sustainable development, providing job opportunities in various fields, achieving the best returns of available resources and high added value to the country’s economy.
According to the law, a ‘foreign direct investment unit’ is to be established in the Ministry of Economy, which is responsible for proposing foreign direct investment policies in the country and determining its priorities, and setting up associated plans and programmes and work on their implementation following their approval by the UAE Cabinet.
REVENUES, PUBLIC FUNDS
President Khalifa bin Zayed Al Nahyan issued a Federal Decree-Law No. 15 of 2018 concerning the collection of revenues and public funds with the aim of accelerating the procedures for the claim, execution, settlement and collection of debt.
According to the provisions of Article 3 of the decree-law, income and public funds impacted by the Law include taxes, duties and wages in matters of state jurisdiction and the fines and fees paid to the state for the services it provides, as well as administrative fines and compensations awarded under the provisions of federal laws.
CRIMINAL, CIVIL PROCEDURES
The UAE President also issued Federal Decree No. (17) of 2018 amending some provisions of the Federal Law No. (35) of 1992 concerning the Criminal Procedure Law. President issued Federal Law No. (18) of 2018 amending certain provisions of the Federal Law No. (11) of 1992 on Civil Procedure Law.
According to the law published in the latest issue of the Official Gazette, the replacement of the provisions of articles 116 and 156 (the last paragraph), 273 (last paragraph), 275, 307 of the Federal Law No. (35) of 1992.
A third chapter entitled “Special Penal Procedures†is added to the Fifth Book of the Federal Law No. (35) of 1992, issuing the Code of Criminal Procedure in three chapters of articles 332 to 385.
ANTI-MONEY LAUNDERING
President Khalifa issued Federal Decree No. 20 of 2018 on anti-money laundering and countering the financing of terrorism.
Commenting on the issuing of the federal decree, HH Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, said, “The UAE’s wise leadership is keen to develop the legislative and legal structure of the nation to ensure compliance with international standards on anti-money laundering and countering the financing of terrorism.