The country's diverse set of economic, commercial and investment laws and legislation are viewed as essential pillars and key drivers to achieving growth, development and economic and social prosperity. These laws and legislations have been created and implemented with the key purpose of promoting the competitiveness of our economy while also enhancing its position from both a regional and international perspective. These laws are also intended to increase the vitality of the UAE's investment environment.

As such, the legislative framework supporting the country's economic sector continues to see quality focused developments over the last period. The Ministry of Economy, along with competent relevant authorities from both the public and private sectors, continue to work closely together in the creation and implementation of legislation that seeks to enhance the effectiveness and flexibility of the UAE economy--supporting various developments at the local and international levels and enhancing its ability to provide a sustainable investment structure.

The new legislative package looks towards consolidating its institutional competitiveness and drive to further achieve comprehensive development, which falls in accordance with UAE Vision 2021. The  legislative system is centered on developing the national economy and creating favourable environment for economic business, which in turn, contributes to achieving a balanced and sustainable development of the country.

What makes the legislative system and economic laws even more important is that they have also been created to be at pace with the economic growth being witnessed by the UAE--enhancing the confidence of investors, businessmen and owners of capital in the national economy. This has helped make the UAE a highly  preferred destination to launch a business and practice economic activities.

The country's economic legislation and laws remain distinctive because they were carefully studied  and discussed by various concerned entities, including the private sector, before giving approval. The discussions and exchange of views have helped in drawing out a set of agreed opinions on these laws as the private sector is a major and essential partner of the government sector and an important engine for economic activity in the UAE.

The economic laws and legislations in the country are also distinguished by being consistent with global frameworks, especially since the UAE in general has become a global center for money and business, and therefore the legislative environment must be consistent with this high and leading position.

H.E. Mohammed Ahmed Bin Abdul Aziz Al Shehhi,

Undersecretary for Economic Affairs

UAE Ministry of Economy