Dr Hussam Sameer Al Talhuni, a senior advisor to the UAE Ministry of Finance has revealed that new regulation to make the leasing of vehicles and equipment easier in the country is ready for approval.
Speaking at the Dubai Lease Conference, organised by Invigors’ Alta Conferences, Dr Al Talhuni revealed that he and other experts have been participating in a process to build on the significant steps taken by the newest leasing regulation brought introduced in 2018.
Once implemented, revisions to the law are expected to enable manufacturers and their distributors to offer greater choice to fleets and contractors as well as open up their services to new clients.
“(The 2018) law created a standard of modern framework for leasing operations in the UAE, however, experts have raised concerns about them and that it did not meet the required standards of international practice. I think there are many aspects that should be improved. Issues that concern relationships between the relevant parties, the lessee, the lessor and the supplier, have not been dealt with effectively,” he says.
“There are other various aspects related to leasehold rights and issues concerning leasing company regulation, which have not been structured fully in line with international standards.”
The minister of finance has reportedly secured approval from the UAE cabinet to start working on a new draft law started with the aim of developing the leasing sector and improving access to finance.
“The good news that I can share with you today is that we have finished processing the new draft and a new version has been discussed in depth with the selected group of experts, including my colleagues Patrick Ger Regan, Business Partner, Invigors EMEA Ltd (UAE) and Michael Savva, partner, Watson Farley and Williams, and others.”
