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Wednesday, May 22, 2024

FNC Okays new Company Law

FNC Okays new Company Law
FNC Okays new Company Law

Private firms will now have to employ more Emiratis after the Federal National Council finally passed Company Law 2013 after a long debate. It will now be presented to the Cabinet for consideration. A key article of the draft law refers to the requirement of private companies to employ a larger workforce. A clause in the article stipulates that company boards must comprise 50 per cent Emiratis.
According to the article, if the number of Emiratis on the board is below this number, it will be asked to appoint them within three months. The draft law was discussed and approved in the presence of H.H. Sultan bin Saeed Al Mansouri, Minister of Economy. The session was chaired by Speaker Mohammed Ahmed Al Murr and attended by Dr Anwar Mohammed Gargash, Minister of State for Foreign Affairs and Minister of State for FNC Affairs, and senior economy ministry officials.

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