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According to Ministerial Resolution No. 377 of 20 10,208 wholly foreign-owned branch offices may not engage in general trading activities, i.e., buying or importing for resale in the UAE.

A. The Role of the State6 The new ordinance stipulates that the state will hold a special share in the capital of banks and financial institutions, through which the state shall be represented in their governing bodies.7 However, the state will not have the right to vote in the corporate bodies of these banks and institutions.8 Ei addition, assets of a bank or financial institution can only be transferred to third parties upon authorization of the state.9 The new ordinance also provides that the transfer of shares and similar securities must be executed within national territory and the State has the right of first refusal on such transfers.10 Furthermore, if the transfer of any such shares or similar securities is not conducted in national territory and in accordance with Algerian laws and regulations, the transfer shall be null and void.11 B. Foreign Ownership Under Article 6 of the new ordinance, foreign ownership in any future opening of banks and financial institution incorporated under Algerian law will only be allowed through a partnership with a national resident.12 Most importantly, the ordinance stipulates that Algerian national ownership must represent at least fifty-one percent of the capital. [...] the new law however imposes a flat income tax rate for all employees earning more than YER 840,000 (US$3,940) per year.

(Conversely, DIFC courts may only adjudicate disputes involving DIFC-based parties regarding a DIFC-related subject matter.) With respect to enforcement of an award, the DIFC arbitration law is clear diat \"[a]n arbitral award, irrespective of the State or jurisdiction in which it was made, shall be recognized as binding within the DIFC and, upon application in writing to the DIFC Court, shall be enforced\" provided that certain conditions are met.3 The arbitration law provides limited grounds for setting aside or refusing enforcement of an award.4 A DIFC award may be vacated or may not be recognized if it is contrary to the United Arab Emirates' public policy.5 As such, the DIFC has adopted a pro-arbitration policy that may be invoked before DIFC courts to secure enforcement of DIFC and foreign awards. B. LABOR (FEDERAL) A new Ministerial Decree on the Wage Protection System requires diat, within certain deadlines, all UAE private sector employers registered with the Labor Ministry transfer dieir employees' salaries in UAE dirhams by electronic transfer to UAE bank accounts.186 Employers have significant new record-keeping responsibilities with legal accountability.

The push to create greater transparency and accountability in Yemen's government culminated in the Anti-Corruption Law No. 39, ratified by Parliament in December 2006.281 This law establishes a National Supreme Anti-Corruption Authority (NSACA) made up of figures from the public and private sector, as well as civil society, who together act as a watchdog over all governmental bodies, investigating acts of corruption, and retaining the authority to seize and confiscate corrupt proceeds.282 The NSACA will have political and financial independence from the executive branch, and it is hoped will engender more confidence in Yemen's political system by foreign donors and its citizens.283 The Yemeni government's reform efforts, which began in early 2006 and continued throughout 2007, were noted and duly rewarded by foreign aid donors.