UAE brings boost to wealth management sector

iStock

New legislation is being introduced to enhance the wealth management sector, enabling a more competitive environment in the UAE.

The UAE Cabinet, headed by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has adopted a decision approving the issuance of the Federal Decree-Law on Financial Covenants.

Family-owned companies will be among the top beneficiaries, as their founders and owners will be able to develop sustainable, long-term plans for the future of the firm's assets.

The law provides venture capitalists with an integrated system enabling them to manage their own wealth as a financial trust by qualified and competent people or institutions.

It falls within the government's continuous efforts to enhance the efficiency of the nation's financial policies and provide a competitive, business-friendly environment.

More from Business

Coming Up on Dubai Eye

  • Lunch with Lloyd

    11:00am - 2:00pm

    No one knows entertainment better than veteran Dubai broadcaster Mark Lloyd.

  • Afternoons with Helen Farmer

    2:00pm - 5:00pm

    Every weekday afternoon, Helen Farmer will help you to navigate the highs and lows of life in the UAE. Stay up to date with what’s happening and where to go.

BUSINESS BREAKFAST LATEST

On Dubai Eye

  • Meet Gift, female food delivery driver

    Gift came here from Nigeria and failed to find a job, until a pizza company offered her one. She's now one of the very few female delivery drivers in the UAE.

  • FARMER'S KITCHEN

    Farmer's Kitchen is back for 2021!
    With our partners Spinneys, we are going to help you wave goodbye to boring dinners, cluttered fridges, and lumpy leftovers!