There are no exchange controls in the UAE and its currency, the UAE dirham, is freely convertible. The dirham is linked to the USA dollar, the currency in which oil revenues are paid. The current exchange rate is Dh. The regulatory authority since 1980 has been the UAE central Bank. Some 47 commercial banks operate, with a total of around 350 branches, of which about 28 are foreign banks with a combined total of more than 200 branches.
Federal law restricts foreign banks to no more than eight branches each.
Towards the end of 1992, the UAE President enacted three Federal Laws on the protection of industrial and intellectual property. These laws came into effect in 1993 and provide protection against commercial piracy and fraud. No. 44 of 1992 on Protection of Industrial Property. There is a comprehensive framework of legislation to ensure that business in the UAE is conducted in a fair and orderly manner. There are laws dealing with commercial transaction, intellectual property, labour and other aspects of business life.