Law on ‘financial leasing’ coming to the UAE

By Angel Chan

ABU DHABI 27 November 2017: The Financial, Economic and Industrial Affairs Committee of the Federal National Council (FNC), yesterday met at the headquarters of its General Secretariat in Dubai to discuss the final reports on a draft federal law on financial leasing, and a draft federal law to amend certain provisions of Federal Law No. 6 (2007) on the establishment of the UAE Insurance Authority and the organisation of its work.

During the meeting, which was headed by Majid Hamad Al Shamsi, Chairman of the Committee, the committee also reviewed a draft federal law on linking the country’s general budget and the budgets of independent federal agencies for the 2018 fiscal year.

The meeting was attended by Salim Abdullah Al Shamsi, Rapporteur of the Committee, Dr. Mohammed Abdullah Al Mehrazi, Saeed Omir Yousef Al Muhairi and Ahmed Yousif Al Nuaimi.

Salim Al Shamsi stated that the committee reviewed its final report on a draft federal law on financial leasing, which was sent back to its members and will be adopted during its next meeting, in the absence of any comments by its members on the draft report.

He added that the committee also reviewed its final report on a draft federal law to amend certain provisions of Federal Law No. 6 (2007) on the UAE Insurance Authority, to prepare for discussions during the FNC’s session next week.

Al Shamsi pointed out that the committee has also seen a draft federal law on linking the general budget and those of the independent federal agencies for 2018. The committee decided that the draft law should be sent to specialist FNC standing committees and be discussed with relevant government authorities, to prepare a report that should be submitted back to the committee within two weeks of receipt, he added.