State news agency WAM reported on Saturday that the Economy Ministry of the United Arab Emirates (UAE) is planning to develop new laws regarding industrial laws and foreign investment with an intention of modernizing for a presenting a clearer picture of the finances and also to strengthen the confidence of the customers in the company. The United Arab Emirates is the second-largest Arab economy.

It was also disclosed that the new laws will encompass arbitration, industry affairs regulation, foreign investment, and certificate of origin, competition, anti commercial fraud, amendment of industrial ownership, companies' law and auditors’ profession regulation.

Economy Minister, Sultan bin Saeed al-Mansouri, reportedly stated that UAE is overhauling its legal system so that the alterations in global economic landscape can be pictured and also to continue its image of being “centre of business”.

The UAE has been crowned as world's 46th most investment-friendly country according the World Bank's Doing Business 2009 report. The report also ranks UAE as fifth in the same, in Middle East and North Africa subsequent to Saudi Arabia, Bahrain, Israel and Qatar at initial positions.

The new laws that are being proposed are mainly concerned with joining the regulations and providing guarantees for investment projects that in turn will permit customers to administer the developments and aid licensing plus capital transfers. It also promises to help in solving disputes.