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11 October

Mohammed bin Rashid adopts decision issuing Decree-Law on wealth management, enabling competitive environment

News Details

The UAE Cabinet, headed by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has adopted a decision approving the issuance of a Federal Decree Law on Financial Covenants, which provides a legislative framework that will boost the performance of the wealth management sector and enable a competitive environment.

Family-owned companies will be among the top beneficiaries of this Decree-Law, as the founders and owners of these companies will be able to develop sustainable, long-term plans for the future of the companies' assets. The law provides venture capitalists an integrated system enabling them to manage their own wealth as a financial trust by competent and qualified persons or institutions well versed with various investment patterns and their risks, and how to deal with them in the best possible way.

The Decree-Law falls within the government's continuous efforts to enhance the efficiency of financial legislation and policies in the country and provides a competitive environment in a way that contributes to protecting capital, drawing foreign investments, creating a safe, business-friendly environment, and diversifying tools to protect wealth and catalyse the investment environment.