Dr. Lowai Mohamed Belhoul, Director General of the Government of Dubai Legal Affairs Department, stated that the legal professional sector enhances the economic climate in the UAE, and provides an attractive investment environment with diverse expertise and people from different backgrounds and nationalities. The Government of Dubai Legal Affairs Department has reported that there are now 2,769 legal consultants registered with them through the end of August 2022, representing 78 different nationalities.
The professional legal industry has gained momentum as a result of the steps the UAE has taken to simplify registration and licensing requirements. These firms have discovered a favorable environment in the UAE to practice law.
The UAE is a significant market for English legal firms and a major global hub for the legal profession. It has the largest percentage of English and Welsh practicing lawyers outside of the UK and Hong Kong.
The new labor law, the law regulating virtual assets, and reforms to intellectual property rights and law, are just a few of the more than 40 laws that were introduced. As the government continues to work to improve the business atmosphere and social equality, these legal reforms will help the economy flourish even more. The UAE will benefit from having one of the most developed legal systems in the world. There is still a significant need for legal services in the UAE due to the World Expo and the region's diversification objectives to reduce its reliance on hydrocarbons.
A key evolutionary concept is The Projects of the 50, which are officially stated as a set of economic and development initiatives intended to speed up the UAE's development, turn it into a comprehensive hub in all industries, and position it as an ideal location for talent and investors. These have a modernization and competitiveness focus, and they will be a major topic in the upcoming year. With this agenda, it is completely reasonable for the UAE to want to be the top jurisdiction for global business.
In UAE, there is a booming business community, and since the pandemic has resulted in a solid economic recovery, business owners and managers are trying to expand into new areas, acquire rivals, and introduce new products. But of course, carrying out these actions can be challenging and demands or the support of knowledgeable lawyers who can offer advice on a wide range of legal problems that firms may encounter.
The UAE is a place of business opportunities – from world-renowned multinationals to the buzzing SME scene which powers so much of the economy. With such a dynamic environment comes ever-changing rules and regulations, which means setting up your legal consultancy with UAQFTZ puts you in the best possible position to benefit. So, whether you’re setting up a legal practice or consultancy, or even becoming a part-time legal counsel for a particular company, working with UAQFTZ means you get the most up-to-date advice on setting up your legal consultancy.