Economy
UAE cabinet passes long-awaited insolvency law for individuals

(Bloomberg) –The United Arab Emirates’ cabinet passed a long-awaited insolvency law for individuals, aimed at making the country a more attractive place to do business.
The legislation’s passage was reported Sunday on Twitter by state-run WAM news agency.
The Gulf nation, home to regional business hub Dubai, has been contending with an economic slump caused by low oil prices, forcing it to introduce incentives to attract investment and foreign talent.
The UAE has been promising to introduce insolvency laws for years. The absence of legislation was widely blamed for the flight of thousands of Dubai residents who lost jobs during the 2008 global financial crisis. Faced with the possibility of jail time, many said they had no choice but to leave after the economic slowdown left them unable to pay debts.
#UAE Cabinet has approved a federal law to regulate cases of insolvency of natural persons. pic.twitter.com/fZip0hhNrO
— Dubai Media Office (@DXBMediaOffice) November 17, 2019
Bankruptcy legislation was to have applied first to companies, and only later to individuals. The statement from WAM made no mention of a law for companies.
Read: Dubai is building too many malls
The legislation will take effect in January. No further details were provided.
-
Banking & Finance1 week ago
Oman Arab Bank Announces Increase of Authorised Capital to RO500mn and Paid‑In Capital Boost of RO50mn
-
Renewables1 month ago
Jindal Renewables and OQ Alternative Energy Sign Joint Development Agreement to Advance Integrated Renewable Power Projects in Oman
-
Bahrain6 days ago
SPIEF 2025 focused on global and regional economic processes, market transformation, new tech, investment climate, financial policy and people
-
Alamaliktistaad Magazines1 month ago
Al-Iktisaad, May 25
-
Business2 months ago
St. Petersburg International Economic Forum 2025 unveils its Business Programme
-
Leaders Speak2 months ago
OERLive SPOTLIGHT: Oman Sustainability Week 2025 and Oman Petroleum & Energy Show
-
OER Magazines1 month ago
OER, May 2025
-
Banking & Finance2 months ago
Alizz Islamic Bank Partners with Al Tawasul Institute for Specialised Training Programme to Empower Job Seekers with Hearing Impairments