Dubai fosters favourable environment to drive sustainable economic growth

Dubai Chambers organised five impactful events in October to raise awareness about the recent legal changes in Dubai’s business landscape.  Through a series of in-person workshops and webinars, the chambers brought together the business community for detailed discussions of the UAE laws and amendments to existing laws that impact companies as well as shape the business environment in Dubai and the UAE.

Commenting on the significance of these sessions, Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, said: “These workshops form a vital part of our commitment to supporting Dubai’s dynamic business community.”

“We provide Dubai-based companies with an overview of UAE laws and policies and how these impact their business, equipping them with a thorough understanding of compliance requirements to succeed and remain competitive.”

He added: “As advocates for the interests of the business community, we remain steadfast in ensuring they are fully informed about legislation that is already in effect and planned legal reforms, as well as when these changes will become a reality for their businesses. Our role is to guide and assist Dubai-based companies while promoting a favourable business environment in the emirate.”

Held at the beginning of October in collaboration with Clyde & Co, the first webinar attracted a total of 67 participants. The session focused on providing attendees with a detailed overview of the UAE Companies Law and the recent amendments to the Dubai International Financial Centre (DIFC) Companies Law, and featured a comparison of the key provisions between both legislations.

The second workshop of the month addressed critical concerns surrounding the future of data privacy and protection, with an emphasis on the rapid progress of Artificial Intelligence (AI) and related technologies.

Hosted in cooperation with Galadari Advocates & Legal Consultants, the workshop shed light on the present global landscape in relation to the evolution of AI and its implications for individuals’ personal data.

The workshop also took a deep dive into contemporary cases involving AI and data breaches.

The chambers’ third event in October was organised in collaboration with Habib Al Mulla and Partners to discuss issues relating to commercial contracts when doing business in Dubai.

The workshop, which attracted 46 attendees, reviewed key aspects of contracts, examined case studies, and highlighted key legal provisions used in commercial contracts.

This was followed by an Arabic webinar on bounced cheques, which shed light on the amendments to the provisions of UAE Commercial Transactions Law that came into effect in January 2022.

Presented in partnership with the Habib Al Mulla Academy, the webinar elaborated on the decriminalisation of bounced cheques as one of the key amendments to the law, which was implemented to enhance the dynamics of business transactions and revitalise commercial dealings.

The fifth workshop organised by the chambers in October looked into the legal aspects of corporate restructuring. Delivered in collaboration with PwC Legal Middle East, the session examined key aspects of corporate restructuring requirements, challenges, and opportunities.

The workshop, which was attended by 65 participants, also highlighted the basic principles of doing business in the UAE and provided insights into the country’s legal and regulatory environment.

As the engine of Dubai’s economic development, Dubai Chambers is committed to boosting the growth of businesses, ensuring the success of Dubai-based companies in international markets, and accelerating the growth of the digital economy to further cement the emirate’s status as a leading global business hub.

A total of five workshops and webinars were hosted in October, bringing together members of the business community for detailed discussions about UAE laws and amendments to existing legislation that impact companies.

Dubai Chambers is a non-profit public entity that supports Dubai’s vision as a global player by empowering businesses, providing innovative value-added services and access to influential networks. In March 2021, His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced the restructuring of Dubai Chamber and the formation of three chambers for the emirate, namely, Dubai Chamber of Commerce, Dubai International Chamber, and Dubai Chamber of Digital Economy, which now operate under Dubai Chambers.