Lender prioritises expansion in digital banking sector
finance3 hours ago
The resolution is designed to provide high quality, established international legal consultancy firms access to Abu Dhabi market. It is set to precipitate an expanded legal sector with greater depth of expertise and greater interaction between UAE lawyers and their international counterparts.
Commenting on the resolution, Shaikh Mohammed bin Zayed said: “The legal industry is both a support to, and a conduit for, global commerce. In realising the vision of the President, His Highness Shaikh Khalifa bin Zayed Al Nahyan, it is imperative that Abu Dhabi has the very finest legal consultancy sector. As Abu Dhabi continues to accelerate as a financial, investment and commerce centre, with a rapidly expanding business community, it is vital that the legal sector respond and reflect that expansion.”
Central to the new legislation is a simplified licensing procedure. The new system will see international legal firms able to apply for a licence directly from the Executive Council.
Legal consultancy firms established outside of the UAE will be able to set-up branches in Abu Dhabi provided they satisfy certain simplified conditions:
1. Have been in operation elsewhere in the World for not less than 15 years.
2. Be an organisation with not less than 50 partners.
3. Present an approved plan for the taking on and training of new National law graduates.
4. Have obtained the approval of the Executive Council.
5. Be registered with the Department of Economy and Planning.
The new system replaces a current licensing system that is complex, long and involves international legal consultancy firms partnering with local sponsors. This has been a barrier to entry for many foreign firms that are subject to strict legislation relating to trade practices in foreign countries. By removing this barrier the new legislation will allow high quality international legal consultancy organisations to readily enter the Abu Dhabi market.
Lender prioritises expansion in digital banking sector
finance3 hours ago
Acquisition reinforces Adnoc L&S’ position in energy maritime logistics
business3 hours ago
Deerma introduces new home appliances at OrroHome Dubai
business3 hours ago
Salomon launches first UAE store in Dubai Mall
business3 hours ago
Nandy was not only a celebrated journalist but also hosted a popular talk show, 'The Pritish Nandy Show', on Doordarshan in the 1990s
entertainment3 hours ago
Those building homes outside allocated areas receive Dh400,000 less in housing aid than those who choose to build within those communities
uae4 hours ago
Many homes have been lost in the Pacific Palisades area, a favourite spot for celebrities where multimillion dollar houses nestle on beautiful hillsides
world4 hours ago
The Azerbaijani has already become a loyal participant of the draw since its launch
uae4 hours ago