According to the Ministry of Economy (MoE), the age limit for running a business in UAE has been revised under the new Commercial Transactions Law. Abdullah Al Saleh, undersecretary of the MoE, reviewed the new law, in a recent media briefing, which seeks to support and develop the country's business environment.
The most prominent features of the new Commercial Transactions Law are:
- It reduces the age of legal capacity to practice business to 18 years
- The law establishes a legal reference for commercial transactions for banking institutions to stimulate investment and give businesses wider scope for growth and competition
- It offers support to Islamic banking in the country and establishes it as one of the main drivers of growth
- The law amends the provisions related to the regulation and establishment of financial markets and makes it mandatory to obtain the necessary licenses in accordance with the legislation regulating securities in the country
- It offers support to businesses related to the technology sector and commercial activities related to the digital fields
Several senior officials attended the briefing, including Ibrahim Al Zaabi, assistant governor of the Emirates Central Bank for Monetary Policy and Financial Stability; and Dr. Maryam Al Suwaidi, CEO of the Securities and Commodities Authority.
