Hawkamah And INSOL Join Forces To Promote Corporate Governance In Dubai

by Lorys Charalambous, for LawAndTax-News.com, Cyprus

12 October 2006

The Hawkamah Institute for Corporate Governance, a subsidiary of the Dubai International Financial Centre Authority, at the weekend announced that it has signed a Memorandum of Understanding (MoU) with INSOL International to promote improvements to insolvency systems and good corporate governance practices in the MENA region.

INSOL is a global organisation specialising in international insolvency, restructuring, turnaround and related issues. INSOL assists in a collaborative manner in the development of insolvency policies, international codes and best practice guidelines with Governments, non governmental organizations and intergovernmental advisory groups on such matters.

This collaboration is an important step for markets across the Middle East, bringing as it does greater access to and understanding of insolvency research, legislation and guidelines.

Hawkamah and INSOL aim to jointly identify and prepare proposals for suitable projects that may be undertaken to assist in the development sound insolvency systems and good corporate governance practices across the MENA region.

Dr Nasser Saidi, Executive Director of Hawkamah, observed that:

“International experience shows that insolvency and corporate governance systems are inter-linked and their simultaneous and continued development is essential in ensuring long term sustainable financial and corporate sector reforms and sound and efficient banking and financial markets."

"Hawkamah and INSOL are committed to these reforms and the growth of local markets. This is the perfect opportunity for us to work together for the countries in the MENA region that can benefit immensely by adopting good insolvency systems.”

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