PROJECT

Projects

Summary of Advisory Services Project Information

Project Number

602566

Primary Business Area

Other

Disclosure Date

Apr 30, 2020

Country

United Arab Emirates

Region

Middle East

IFC Approval Date

Jun 3, 2019

Status

Completed

Estimated Total Budget

Estimated Total Budget Pending
(Project budget includes all project-funded activities)

Last Updated Date

Jan 25, 2025

Project Estimated Start Date

Apr 1, 2019

Project Estimated End Date

Jun 30, 2021

Project Description

The UAE Government has taken positive steps to improve the legal framework for Secured Transactions reform through the enactment of a new Secured Transactions Law ("Pledge Law") and the adoption of subordinate legislation needed for its implementation in addition to the establishment of an electronic collateral registry hosted at the Emirates Development Bank (EDB). Accordingly, this project will build on these achievements to further improve the enabling environment for SMEs in UAE through: 1. Holding awareness raising and capacity building activities for various stakeholders in both public and private sectors such as government agencies, judges, financial institutions and others. 2. Conducting an assessment of the current legal framework in the UAE. 3. Conducting an assessment and providing recommendations on prudential regulatory framework in the context of movable asset-based finance in the UAE.

Development Results

E&S Risks / Impacts and Mitigation