Key changes include:
- The inclusion of provisions relating to full foreign ownership of companies in the UAE.
- Removal of the need to have a UAE national agent (also referred to as a Local Sponsor).
- Introduction of provisions and regulations related to limited liability and joint- stock companies.
- Permission for electronic voting at general assembly meetings.
- An increase in IPO share sales from 30 to 70 percent for entities looking to become joint-stock companies.
- Allowance for stakeholders to sue a company in the civil courts over any failure of duty that results in damages.
- Allowance for the Securities and Commodities Authority (SCA) to establish procedures to evaluate in-kind shares and gather names of stakeholders attending the general assembly meetings of companies.
- Allowance for the SCA to appoint independent board members who are not stakeholders and the dismissal of any chairperson or board member found to have committed fraud or abuse of power.