x Abu Dhabi, UAEThursday 27 July 2017

UAE business law not passed after FNC's 4-day debate ends

The much awaited Companies Law will be discussed again on March 6, when the bill is expected to be passed.

Sultan Al Mansouri, Minister of Economy, makes a point during the FNC meeting. Delores Johnson / The National
Sultan Al Mansouri, Minister of Economy, makes a point during the FNC meeting. Delores Johnson / The National

ABU DHABI // The FNC ended a fourth day of debate on the long-awaited Companies Law today, with the law still not passed.

They have now debated all 383 articles of the law, but a handful have gone back for more changes by the FNC finance committee.

They will be debated again on March 6 when the bill is expected to be passed, Mohammed Al Murr, the Speaker, said as he closed the session.

Discussion of the law began last Tuesday when arguments over what it should be called held up debate and meant only eight articles were considered.

The following day, members managed 100 clauses.

This week progress was quicker as members buckled down to avoid debate sprawling into a third week.

On Tuesday they cleared 137 articles, with the remaining 138 being discussed today.

The law sets out a framework for UAE businesses, ranging from how shares can be allocated to accounting standards.

Among the articles debated today was one covering fines for companies that break the law, and another requiring company secretaries to be Emirati.

The law is expected to be implemented by last quarter of this year, the Deputy Speaker Dr Amal Al Qubaisi said on Tuesday.

anwar@thenational.ae