Dubai Economic council organizes Global Policy ConferenceApr 28, 2012 - 02:08 -
Dubai, 28 April 2012 (WAM) - Under the Patronage of Vice President and Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum, and HH Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, the Crown Prince of Dubai, and in honorarium chairmanship of HH Sheikh Ahmed Bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority, Chairman and Chief Executive of Emirates Airline '&' Group, DEC, in partnership with the Commercial Law Development Program (US Department of Commerce), will organize a two-day high-level global policy conference "Towards a Legal Regulation of Financial Restructuring and Bankruptcy for Sustainable Economic Development'' on 14th-15th May 2012 at the Address Down Town Hotel, Dubai.
Hani Al Hamli, the Secretary General of DEC, stated that the conference will discuss lessons from best practices worldwide in Financial Restructuring and Bankruptcy Law. These derived lessons would be further utilized to refine the proposed Financial Restructuring and Bankruptcy draft law that the Government of the UAE is seeking to launch while taking into consideration the economic, legal, and social characteristics of the country.
Hani elaborated that the main aims of the conference is to raise awareness about legal policy topics related to Financial Restructuring and Bankruptcy Law, to highlight best practices and their applicability in the UAE/ Dubai, to strengthen institutional capabilities of the entities concerned and to encourage the business community to learn how to benefit from the law. This will eventually help in strengthening the country's legal infrastructure and enhancing the business environment in order to drive sustainable economic growth in the UAE.
Al Hamli also said that to achieve these goals, the conference will raise a number of questions, most importantly, what are the best international experiences in the law of financial restructuring and bankruptcy, and what are the potential impacts of the proposed draft federal law on the UAE economy.
The draft federal law fills a missing link in the regulatory framework in GCC countries Al Hamli expressed the hope that the message of the conference transcends beyond the local level to a regional sphere. He pointed out that the GCC countries still lack an effective law for financial restructuring and bankruptcy which strongly affected - along with other factors - the attractiveness of investment prospects in these countries and therefore missed opportunities of growth. The importance of this law is tremendous as it reassures foreign and local investors' protection in case of defaults and difficulties in fulfilling their obligations towards the creditors.
He added that the system of bankruptcy in the region is focused on improving the investment climate and eliminating obstacles in doing business while the issue of how to process bankruptcy cases without a court detour is relegated to the back burner.
On this basis, Al Hamli confirmed the UAEs' initiative in legislation of the federal law for financial restructuring and bankruptcy. It would also seek to develop it in accordance with international best practices to make it the forefront of countries in the region. Furthermore, this progressive step forward would make the Middle East a role model in a legal capacity for other countries in this area.
The Conference embodies DECs' vision as a strategic partner of the Government of Dubai in economic decision-making WAM/MAB