Like its fellow Gulf Cooperation Council (GCC) members, the United Arab Emirates is taking steps to draw foreign companies across its borders and keep them there. To that end, Abu Dhabi issued a presidential decree on Oct. 24 finalizing a new federal bankruptcy law that will provide greater protection against insolvency to businesses operating in the country. On the same day, the United Arab Emirates issued a second decree announcing that it would establish a federal tax authority at the beginning of next year. Other GCC states will likely follow suit, since Abu Dhabi is spearheading an effort to implement a blocwide value-added tax that would require members to have similar tax authorities. (The new tax structure will also enable Abu Dhabi to drum up more revenue unrelated to oil, an important step toward diversifying the Emirati economy.