Palestinian Minister of National Economy – HE Khaled Al-Osaily – issued a decree appointing Rasem Kamal, Managing Partner of Kamal & Associates- Attorneys and Counselors at Law, as a member of an ad hoc committee established to review the Companies Law prevailing in the West Bank. Mr. Kamal will be working together with senior officials of the Ministry of National Economy, representatives of other ministries and public bodies in Palestine, along with other relevant stakeholders and leaders in the legal community to draft a new companies law for Palestine. The committee has already started its work, and is meeting on a weekly basis, in an aim to complete its mission in 6 months.
The current Companies Law en force in the West Bank was enacted back in 1964, and has only witnessed minor amendments since then. Hence, it fails to respond to the substantial political, economic, social, technological or business developments that have ensued in Palestine in the last decades. Accordingly, enacting a new companies law will have an enormous impact on the business and investment climates in Palestine.
