UAE Federal Decree-Law Updates Union Of Chambers Of Commerce And Industry For Economic Growth

The UAE Government has enacted a Federal Decree-Law to amend certain sections of Federal Law No. (22) of 2000 concerning the UAE Union of Chambers of Commerce and Industry. This legislative change aims to update the legal framework that governs the Federation, enhancing its support for commercial and industrial sectors while boosting its contribution to the national economy in line with the UAE’s strategic goals.

The amendment includes changing the Union's official name to "Emirates Union of Chambers of Commerce and Industry." This change reaffirms its federal mandate and aligns its identity with future needs and the UAE’s role in regional and global economic landscapes. The new name reflects a unified institutional identity.

To improve institutional efficiency, the Federal Decree-Law has removed the General Assembly from the Union's organisational structure. The Board of Directors now acts as the supreme authority within the Union of Chambers. It is responsible for shaping general policies, approving strategic and operational plans, endorsing budgets, and proposing international agreements.

The Board of Directors also has expanded powers under this law. They can establish branches or offices both within and outside the UAE to support the Union's objectives. This move strengthens its presence in commercial and industrial sectors at national and international levels, enhancing representation.

A new article in the Decree-Law outlines the powers of the Chairman of the Board of Directors. These include proposing policies, overseeing activities, approving administrative structures, and making necessary decisions for effective performance. This ensures clear leadership responsibilities within the Emirates Union of Chambers of Commerce and Industry.

This legislative amendment underscores the UAE’s dedication to advancing its economic legislative framework. It aims to foster a dynamic business environment, strengthening the country’s position as a leading regional hub for trade and industry. The amendment enables adaptation to global economic changes while promoting sustainable growth.

With inputs from WAM