Maradona, 60, had recently battled health issues and underwent emergency surgery for a subdural haematoma several weeks ago Argentina President Alberto Fernandez has announced three days of national mourning BUENOS AIRES: Argentina football legend Diego Maradona died of a heart attack on Wednesday, his lawyer said. Maradona, 60, had recently battled health issues and underwent emergency surgery for a subdural haematoma several weeks ago. President Alberto Fernandez immediately announced three days of national mourning in the South American country. Shortly before the announcement that shocked a nation, Argentine media reported Maradona had suffered a serious health setback on Wednesday and was being treated by doctors at his home north of Buenos Aires. “There are four ambulances at the door of the residence. They have summoned family members to come. It is serious,” the TyC Sports channel reported. More foreign firms setting up onshore could be seen as a threat for the free-zone model that has been one of the driving forces behind the UAE’s rise to become the regional business hub. Habib Al-Mulla, executive chairman of Baker & McKenzie Habib Al-Mulla law firm, said: “Free zones will now face a real challenge. They either come up with a new package of incentives or their role ends.” Other proposed changes also represent a break from the traditional business culture in the region. Rules that required a company chairperson to be an Emirati national, and for company boards to have an Emirati majority, have also been removed. In addition, the decree allows for the dismissal of a chairman or any other board member if a judicial judgment is issued against them for committing fraud or misuse of power, while enabling stakeholders to sue a company in civil court over any failure of duty that results in damages. Electronic voting will also be allowed at shareholder meetings, in a departure from the requirement for a physical show of hands. “The decree is reflective of the UAE’s forward-looking vision to open up its economy by creating a favorable legislative environment that will keep pace with the changes taking place across the global economy and supporting companies operating in the country,” the official UAE news agency, WAM, said. Some sectors regarded as of strategic importance — such as energy, utilities, and government-owned businesses — will be exempt from the new rules, and there is a certain amount of discretion given to local authorities in setting rules regarding Emirati directors and determining fees and charges payable under the new regulations. This week’s changes are the latest in a series of reforms that have been accelerated in the UAE since the COVID-19 pandemic recession struck an already sluggish business scene. New rules on residency visas have been introduced to alleviate problems in the real estate market, especially in Dubai, as well as a range of changes to social and lifestyle reforms. “Along with the change in visa regulations, the new reforms will boost the UAE’s growth prospects,” Saidi said. Ziad Daoud, Dubai-based chief emerging markets economist at Bloomberg, said: “Diversifying stock markets away from oil requires attracting foreign investment as well as fixing the distorted labor market. Most other measures are cosmetic. We’ll see how they are implemented, but the initial assessment of the new regulations is positive.”