Tuesday 10 September 2013

Lehman collapse remarked a turning point in UAE legal structure | GulfNews.com

Lehman collapse remarked a turning point in UAE legal structure | GulfNews.com:

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  • Image Credit: Ahmed Ramzan/Gulf News Archives
  • The economic fallout from Lehman Brothers collapse led to the UAE recognizing the need to upgrade and revised a number of laws and legislations addressing issues such as commercial regulations and arbitration, promoting efficiency, transparency, and investor confidence in the business sector
The direct effect of Lehman Brothers collapse was not dramatic in the UAE, but the bank’s collapse was a turning point in the emirate’s financial, business and legal structure.
The UAE had witnessed an unprecedented boom before 2008, and the world economic crisis came as a wake up call to the local market.
The economic fallout from Lehman Brothers collapse led to the UAE recognizing the need to upgrade and revised a number of laws and legislations addressing issues such as commercial regulations and arbitration, promoting efficiency, transparency, and investor confidence in the business sector."

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