'Increased spotlight on corporate governance' in UAE

There has been an increased focus on the issue of corporate governance in the United Arab Emirates (UAE) in recent months.

According to an article on ILFR, one of the biggest changes faced by businesses operating in the Middle Eastern state is the recent introduction of new laws regarding corporate governance for enterprises listed as a UAE Joint Public Stock Company.

It was pointed out that a "central theme" of the regulations is a focus on boards of directors improving their management oversight functions.

"The provisions relating to the composition of the board reflect the value of independence and expertise of a company's directors to the overall effectiveness of the board," the article explained.

Earlier this week, Dr Ahmed Heikal, chairman of private equity firm Citadel Capital, told the New Vision website that emerging markets in the Middle East and Africa offer "unparalleled opportunities" for private equity firms thanks to their positive prospects for growth.