Young people will have full control over finances much earlier under new UAE reforms, experts say

The introduction of a new civil law to establish 18 as the age of adulthood in the UAE will have far-reaching implications for young people, according to several of the nation's leading legal and financial experts.

Previously, a person had to be 21 lunar years old to be defined as an adult in the Emirates. A person aged 21 in lunar years is about 20 under the Gregorian system.

One of the most important aspects of the reforms is that people will have control over their personal finances from the age of 18. The changes also allow people aged 15 to seek judicial authorisation to manage their assets.

What will change for young people?

The move to lower the age of adulthood - also known as the age of majority - essentially means the UAE is recognising 18 as the point at which a person has full legal responsibility and autonomy.

Under the updated legislation - known as the Civil Transactions Law - young people have extended financial freedoms without need for approval from a legal guardian.

They can enter into contractual agreements

Secure loans and additional credit from banks

Buy and sell properties independently

Apply to register and run businesses from 18

At 15, minors can may seek judicial authorisation to manage their assets

Setting out 18 as age of adulthood across UAE law

While the new civil law is focused largely on financial matters and has been