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| Dubai's modern economy needs modern legislation |
In preparing this article, we surveyed general counsel at a number of multinational clients as well as some of the 80 lawyers at our UAE law firm. We asked for comment on the status of the UAE economy, as it continues to mature, and the parallel development of the UAE legal system.
The latest Bank of America/Merrill Lynch report on the UAE cites a number of key factors behind the country's economic growth, notably Abu Dhabi's increasing hydrocarbon production and revenues, extensive new infrastructure projects, the emergence of Dubai as a financial and service hub, the real estate boom and the availability of credit for new enterprises. Growth is projected to continue in the high single digits for the next two to three years. Meanwhile, those responsible for the administration of law in the UAE are faced with the challenge of ensuring that the...