According to Amac News: The statement of the Federation of Emirates Banks states that these initiatives will strengthen the position of the United Arab Emirates as a leading economic and financial hub in the world.
Abdul Aziz Al Ghurair, the head of the Federation of Emirates Banks, welcomed this action and added that this action helps to improve the speed, efficiency and transparency of the judicial system.
He emphasized the important role of the judiciary in strengthening the privileged position of the UAE in attracting business and investment.
Ghurair added that the UAE has a legal system that creates a safe and conducive environment for individuals and institutions alike.
Advanced UAE laws, such as the Business Transactions Law 2022, provide a comprehensive framework that promotes economic activity by creating clear rules and regulations and enforcing contracts.
He noted that a legislative and judicial system aligned with the best international practices will strengthen transparency and fairness in resolving disputes, strengthen the confidence of the business community, and encourage investment in the national economy.