The UAE economy ministry is working on developing new laws as part of the modernisation of the legislative system and the enhancement of the business environment, in line with the UAE strategic vision for 2021. The new laws will cover foreign investment, competition, certificate of origin, arbitration, industry affairs regulation, amendment of industrial ownership, anti commercial fraud, auditors profession regulation and companies' Law. The competition law will lay down mechanisms to govern healthy competition in business, while the law of commercial arbitration will plug gaps, the ministry said.