How the amended bankruptcy law can boost the UAE's economy - Arabianbusiness
The UAE's decision to amend its Bankruptcy Law is an important step to boost investor confidence in the country, according to Hamad Buamim, the president and CEO of Dubai Chamber of Commerce.
The amendments, which were announced by the UAE Cabinet last week, enable individuals and businesses to overcome credit challenges in “emergency situations”, including the current one brought on by coronavirus.
“The decision to amend the UAE Bankruptcy Law is an important development that will ensure business continuity, boost investor confidence and enhance economic competitiveness,” said Buamim.
“The move complements the latest AED500 million ($136 million) economic stimulus package introduced by the Dubai government, which expands on ongoing efforts to help businesses overcome new challenges created by the pandemic,” he said.
Dubai announced the extra stimulus package late on Sunday in support of the coronavirus-hit businesses.
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