Dr. Obaid Al Zaabi, Acting CEO of the Securities & Commodities Authority, and the representatives of the UAE Departments of Economic Development explored means to reinforce mutual cooperation between the SCA and the Departments of Economic Development concerning the procedures of companies and mutual coordination in relation to the aspects of formation and control over the public shareholding companies.

Dr. Obaid Al Zaabi, Acting CEO of the SCA, said: “The meeting was held at the SCA Dubai office upon the instructions of the SCA’s Board of Directors chaired by H.E. Sultan bin Saeed Al Mansoori, Minister of Economy. During the meeting, both parties exchanged their visions in view of the updates made to regulating controls and procedures set forth in the Companies Law”. He noted: “The meeting focused on the importance of enhancing mutual cooperation to encourage transformation to public shareholding companies, and the suggestions of both parties to streamline the licensing procedures were discussed. Further, the meeting tackled the regulating procedures and aspects related to the holding of a series of workshops for the licensed companies to address the issues of the governance of the public shareholding companies, listing of the companies in the second market, and support transformation to public shareholding companies”.

Dr.  Al Zaabi added: “The meeting held  with the representatives of the UAE Departments of Economic Development comes in line with the strategic partnership with the federal and local government entities to serve the best interest of the national economy and so that the SCA and the UAE Departments of Economic Development can cooperate and coordinate in relation to the formation and control over the public shareholding companies, as well as the issuance of the Commercial Companies Law and the updates made to the regulating controls and procedures therein”.