The UAE Cabinet adopted on Sunday the establishment of payment linkage systems in GCC states and mandated monetary institutions and central banks in the GCC to own, manage and finance projects through an independent company.
During its meeting, which was chaired by UAE Vice President and Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum, the cabinet also adopted the formation of a foreign direct investment committee to consider and facilitate the establishment of investment applications in vital sectors.
The committee is to to be chaired by UAE Minister of Economy, its members will be comprised of representatives of related government agencies.
It aims at solidifying the country’s status as an attraction hub for foreign direct investment at the regional and global levels, in addition to creating national development employment opportunities in various fields.
The Cabinet’s decision reflects the country’s approaches to work within the GCC joint working system and its keenness to enhance the economic activity of individuals and companies operating within the GCC states to serve their common interests.
In foreign affairs and international cooperation, the cabinet approved an agreement between the government and the Global Green Growth Institute to open a regional office for the institute.
It also approved an agreement between the UAE government and that of Turkmenistan on cooperation in the fight against terrorism, organized crime and illegal trafficking in drugs and psychotropic substances, in addition to an agreement with Belize’s government on economic cooperation.
In order to enhance national projects and ensure their continuity for future generations, the Cabinet adopted an amendment to the provisions of the Commercial Agencies Law to allow local agencies become public shareholding companies, ensure their competitiveness and sustainability and enhance the economic performance in the UAE enterprise sector.
The decision also contributes to the inclusion of more companies in the UAE capital markets and encourages citizens to do business or invest in public shareholding companies.
On the other hand, the Cabinet also adopted the Federal Law on Senior Emiratis as an integrated care system to ensure they live a decent life and participate actively in the society.
The law covers their health, treatment, rehabilitation, services, and rights.
