In collaboration with Davidson & Co., the Dubai Chamber of Commerce and Industry recently hosted a webinar that discussed changes made to current UAE laws about the decriminalization of bounced cheques, new recovery processes, prohibitions and proceedings, collateral and punitive penalties, and legal solutions for bounced cheque claims.

The webinar drew 638 people, including company owners, administrators, and legal practitioners.

Raymond Kisswany, Partner, Davidson & Co., led the workshop and briefed attendees on the differences in initiating civil and criminal procedures, the measures to file a bounced cheque lawsuit, the penalties that occur in those circumstances, and responsibility for cheques written by commercial agencies.

He stated that under the current legal rule, banks would be required to make partial reimbursement for a cheque to the recipient when a cheque is submitted for payment at the bank, as long as an account balance is sufficient to meet the recipient's argument even partially.

As part of the UAE Government's ongoing efforts to improve the regulatory landscape and legal mechanisms, the UAE Cabinet authorized reforms to the rules of the Commercial Transactions Law relating to bounced cheques and the issuing of cheques without ample funds which are scheduled to go into effect in 2022.

The modifications to existing laws about bounced cheques, according to Jehad Kazim, Vice President of Legal Services at Dubai Chamber, are some of the main reforms adopted by the government recently to increase the ease of conducting business in the UAE.

“Changes in legislation that affect businesses of all sizes and industries should be communicated to them. In the event of bounced cheques, modern processes would provide more reliable and trustworthy mechanisms for businesses to reclaim payments,” Kazim said, adding that the webinar enabled attendees to address their issues and concerns directly to the specialist, who provided transparency and advice on certain legal issues. Raymond Kisswany characterized the event as a crucial webinar that piqued the attention of Dubai's business community. He noticed that attendees acquired realistic insight into how to cope with bounced cheques both from the drawer and recipient perspectives while keeping new legislation in mind.

Dubai Chamber assembles training sessions and conferences regularly to increase awareness about relevant matters and issues affecting the Dubai business community. These events are in sync with the emirate's strategic goals of developing a favorable economic climate and promoting business development. A webinar will be held to highlight investment prospects in Ghana's healthcare and manufacturing industries.

The Dubai Chamber of Commerce and Industry's representative office in Ghana recently co-hosted a webinar with the Ghana Investment Promotion Centre (GIPC) and Dubai Investment (DI) that discussed investment, market, and collaboration possibilities in Ghana's healthcare and manufacturing industries.

 The virtual gathering, which drew 236 participants from the UAE and Africa, acquainted UAE companies with new investment prospects in Ghana's healthcare and manufacturing industries, and existing synergies will be built with Ghanaian healthcare companies in the post-Covid period.

Omar Khan, Director of International Offices, Dubai Chamber; Yofi Grant, CEO, Ghana Investment Promotion Centre (GIPC); and Sreekumar Brahmanandan, Director of Operations, Dubai Investments Industries were among the speakers and panel members who took part in the webinar (DI). Attempting to address participants, Khan shared perspectives on UAE-Ghana trade ties, which has grown significantly since the establishment of the Dubai Chamber's representative branch in Accra six years ago. Ever since, non-oil trade between Dubai and Ghana has roughly doubled to $1.7 billion in 2019, with the Chamber arranging several trade missions to Dubai that have exposed Ghanaian business leaders to prospects in the market.

He also mentioned that the Dubai Chamber's representative office in Accra is ready to assist UAE companies interested in learning more about doing business in Ghana. He also urged Ghanaian businesses to attend Expo 2020 Dubai and the Global Business Forum Africa, both of which will be conducted in Dubai later this year, saying that these activities provide perfect forums for exploring potential growth possibilities and forming cross-border alliances.

The Dubai Chamber of Commerce & Industry, established in 1965, is a non-profit public body whose purpose is to serve, promote, and protect the interests of the business sector in Dubai by fostering a desirable business climate, promoting business growth, and supporting Dubai as an international business centre.