UAE brings boost to wealth management sector

Monday, 12 October 2020 06:38

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

Disney settles suit over women's pay for $43 million

Walt Disney has agreed to pay $43.3 million to settle a lawsuit alleging that its female employees in California earned $150 million less than their male counterparts over an eight-year period, the plaintiffs' lawyers said in a statement on Monday.
Etihad Airways adds ten new destinations for 2025

UAE carrier Etihad Airways is set to introduce ten new destinations starting in 2025, expanding its global presence as it brings tens of thousands of new visitors to the capital.
Trump pledges new tariffs on Canada, Mexico, China

US President-elect Donald Trump on Monday pledged a 25 per cent tariff on all products from Mexico and Canada from his first day in office, and an additional 10 per cent tariff on goods from China, citing illegal immigration and the trade of illicit drugs.
UAE and Bahrain finalise ICV programmes procedures

The UAE and Bahrain have finalised the procedures required to implement an MoU, signed last January, that fosters cooperation between the National In-Country Value (ICV) Programme and Bahrain’s Value Programme in Industry, known as Takamul.