Published On: Mon, Sep 5th, 2016

Adoption of bankruptcy law to boost competitiveness of national economy

The Cabinet’s adoption of the bankruptcy law was timely and would make the national economy more competitive and investment environment more attractive, Rashid Al Balushi, CEO of Abu Dhabi Securities Exchange, has said.banking_Security

He added that the move follows the directives of the wise leadership to build an advanced national economy capable of sustainable growth.

In a statement, Al Balushi stressed that the adoption of the law by the Council of Ministers will enhance the economic and investment legislative system in the UAE, thus contributing to better ranking of the state in the global indicators in terms of ease of doing business, competitiveness and entrepreneurship.

He added that the law would also ensure the continuity of companies and give them the flexibility needed to manage their finances. These factors, Al Balushi continued, will also help provide an ideal environment for investment.

Al Balushi stressed many positive points of the law that has been promulgated, including ensuring the continuation of the company’s business, provision of protection to investors and preserving their rights in general.

Source : WAM News Agency

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