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
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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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