Sheikh Khalifa issues two new federal laws

His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE and Ruler of Abu Dhabi has issued a federal law no.2 for 2015 on trading companies.

The law was published in the recent issue of the federal official gazette.

The law is aimed at contributing to developing the business environment and the UAE’s capabilities and economic position through regulating companies in accordance with global changes, particularly with respect to regulating governance rules, protecting the rights of shareholders and partners, supporting inflow of foreign investments and strengthening the social responsibility of companies.

The provisions of this law will be applicable to the trading companies set up in the UAE and the foreign companies which have centres, branches and representatives offices in the UAE.

Sheikh Khalifa also issued a federal law no.4 for 2015 on private health facilities.

The law was also published in the recent issue of the federal official gazette.

The law is applicable to all private health facilities operating in the UAE including free zones.

According to the law, a natural or legal person will set up, operate or run a private health facility only after obtaining a licence from the competent health authority in line with the provisions of this law and its executive regulations.

Violators will face a jail term of no less than 6 months, a fine of no less than Dhs100,000 and no more than Dhs1 million or both.