Long-awaited legislation that is meant to liberalise the economy of the United Arab Emirates may bring only modest changes, because of strong opposition from some Emiratis who fear they could lose out to foreigners.
In December, when the UAE's cabinet approved a draft of a new companies law that would update legislation dating back to 1984, hopes grew that restrictions on foreign investment in one of the world's top five oil exporters would be loosened.
But this optimism is now being tempered as details of the draft, which has not been widely circulated to the public, trickle out. Also, lawyers and investors fear the law's passage may be delayed as it wends its way through the government, becoming subject to pressure from local interest groups; and when it is passed, it may be applied only in a conservative way.
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