©AFP
Dubai’s skyline, including the Burj Khalifa
The United Arab Emirates is set to enact a long-awaited bankruptcy law that could protect executives at failing businesses from criminal prosecution if they enter insolvency.
Under existing regulations it is difficult to liquidate companies, while individuals can face criminal action if they default on debt, causing expatriates to flee the Middle Easts business hub rather than face prison.
The new law, the first of its kind in the oil-rich Gulf, comes amid a regional downturn, triggered by low oil prices, that has left many companies in financial distress, a problem exacerbated by late payments from governments.
Obaid Humaid al-Tayer, mini…
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