ABU DHABI // The Federal National Council looks set to pass the 383-article Companies Law on Wednesday – the fourth day it has been under debate.
Members discussed 137 articles today, taking their total so far to 245. Unusually, the debate continued into the evening, finally wrapping up just before 7pm.
Most articles were simply read out and quickly agreed, but some were discussed in more detail.
Among them was the requirement for company boards to have an Emirati majority.
If the number falls below half, more must be appointed within three months or any decisions the board make will be ruled invalid.
The Minister of Economy, Sultan Al Mansouri, was present to discuss the Government’s thinking behind each article, and to answer members’ questions.
The FNC’s deputy speaker, Dr Amal Al Qubaisi (Abu Dhabi) said she expected the long-awaited law to be enacted by the end of this year. Once the council has passed the legislation, it will go to the President, Sheikh Khalifa, for final approval.
“Once approved by the President and published in the official gazette it will take three months to be applied,” she said.
“Meanwhile, the Ministry of Economy will have to provide the execution decree and laws, so hopefully by second half or the last quarter of this year, it will be implemented.”