The UAE's bankruptcy laws must be overhauled and issuing bounced cheques should no longer be a criminal offence, say senior government officials.
Fahad Saeed al Raqbani, the director general of the Abu Dhabi Council for Economic Development, says reforms are needed to attract overseas investment and prevent capital flight.
A rigorous framework for insolvencies is crucial to attracting overseas investors and preserving jobs in the Emirates, he told a conference in Abu Dhabi yesterday organised by the Council for Economic Development.
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