M
memo123
Member
I for one think that this is a very dangerous move for us investors as all these developers that are registered as LLC for 100,000 Dirhams would declare bankruptcy after pocketting and shipping our money then declare bankruptcy?
What do you think ?
"The government will soon issue several economic laws to regulate the UAE's financial sector and control the flow of hot money in the national economy, Minister of State for Financial Affairs Obaid Al Tayer said yesterday.
Speaking at a session of the Federal National Council in Abu Dhabi, Al Tayer said the new laws, which were compiled by the Ministry of Finance in co-operation with the Securities and Commodities Authority (SCA),the Central Bank and the Insurance Authority, also deal with bankruptcy and credit, and were necessitated by the fallout of the global financial crisis. They will be referred to the Cabinet soon.
"We benefited from the many lessons of the global financial crisis, and the ministerial committee tasked with following up the impact of the crisis on the UAE economy is still engaged in monitoring the local and international situations," he said.
Al Tayer said the focus was on three important economic sectors: trade, tourism and re-export.
"Our economic situation is good. Banks are performing well, the economic indicators are healthy, and growth is continuous and positive. We have to develop our legislations to ensure regulation and control over hot money and credit operations in particular," he said.
The country's economy was in sound health and there were no debts owed by the federal government, Al Tayer added.
All financial requirements of various ministries, especially the Ministry of Interior, have been met, he said, and the next federal budget was expected to be another zero-deficit one. This was on the back of steady growth in the UAE's GDP and the ministry collecting over Dh450 million in revenue from the various local government bodies.
By Abdel Hai Mohamed
What do you think ?
"The government will soon issue several economic laws to regulate the UAE's financial sector and control the flow of hot money in the national economy, Minister of State for Financial Affairs Obaid Al Tayer said yesterday.
Speaking at a session of the Federal National Council in Abu Dhabi, Al Tayer said the new laws, which were compiled by the Ministry of Finance in co-operation with the Securities and Commodities Authority (SCA),the Central Bank and the Insurance Authority, also deal with bankruptcy and credit, and were necessitated by the fallout of the global financial crisis. They will be referred to the Cabinet soon.
"We benefited from the many lessons of the global financial crisis, and the ministerial committee tasked with following up the impact of the crisis on the UAE economy is still engaged in monitoring the local and international situations," he said.
Al Tayer said the focus was on three important economic sectors: trade, tourism and re-export.
"Our economic situation is good. Banks are performing well, the economic indicators are healthy, and growth is continuous and positive. We have to develop our legislations to ensure regulation and control over hot money and credit operations in particular," he said.
The country's economy was in sound health and there were no debts owed by the federal government, Al Tayer added.
All financial requirements of various ministries, especially the Ministry of Interior, have been met, he said, and the next federal budget was expected to be another zero-deficit one. This was on the back of steady growth in the UAE's GDP and the ministry collecting over Dh450 million in revenue from the various local government bodies.
By Abdel Hai Mohamed
