Law on transparency expected in 2010

A new corporate law intended to ensure that listed companies in the UAE exercise full transparency is to be introduced in April 2010.

"The law is at the drafting stage and will replace current guidelines and rules and regulations," said Mariam Al Suwaidi, Deputy CEO for Issuance, Research and Legal Affairs at the Emirates Securities and Commodities Authority (Esca).

"We already have rules and regulations covering corporate governance," she said. "But this law will make it compulsory for listed companies to abide by all Esca rules and regulations," Suwaidi said on the sidelines of the first Abu Dhabi Corporate Governance Conference, organised by the capital's Centre for Corporate Governance.