IMPACT – HIGH
The Cabinet of the United Arab Emirates has adopted a raft of reforms aimed at boosting economic activity by eliminating bank guarantees for foreign workers and liberalizing a number of visa rules.
Background: Recent years of reduced oil revenues and recent burdens imposed on companies, including the imposition of a value-added tax, have taken their toll on the UAE’s private sector. These changes are intended to free up money held as guarantees, stimulate economic activity and reinvestment of those funds, and reduce barriers to recruiting foreign workers and doing business.
BAL Analysis: This is the second set of major reforms the UAE has adopted in as many months. While the first allowed foreign companies to set up fully foreign-owned ‘mainland’ entities, this liberalization of visa rules and release of 14 billion dirhams in bank guarantees are additional welcome developments for the business community.
This alert has been provided by the BAL Global Practice group. For additional information, please contact your BAL attorney.
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