UAE National Day holidays for public sector announced; Financial markets to close on Sunday

The Cabinet announced during its session held at the Presidential Palace on Sunday that public institutions will have holidays on December 1 and 2, 2013, to mark the 42nd UAE National Day anniversary.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, congratulated the UAE people on the occasion of the anniversary.

Meanwhile, the Cabinet welcomed the preliminary agreement on Iran's nuclear programme, expressing the hope that it would represent a step towards a permanent agreement that would preserve the stability of the region and protect it from tension and the danger of nuclear proliferation.

The Cabinet also approved the implementation of unified guidelines and principles pertaining to the integration of the financial markets of the Gulf Cooperation Council for Arab States (GCC). The guidelines will be effective for two years after which they will be reviewed and become compulsory.

Sheikh Mohammed said the federal government is inspired by President His Highness Sheikh Khalifa bin Zayed Al Nahyan's approach regarding support for GCC integration, the GCC common Market and expansion of cooperation in the service of the people.

He added that the GCC joint work would further promote  economic growth to keep pace with changes in the world economy and would also support the national economies.

The Vice President said: "The world's economic challenges spur us to making the UAE’s economy more transparent and competitive as well as to face the world challenges with economic blocs or groups of states."

The GCC project includes the endorsement of unified guidelines on transactions in  shares and transparency regarding trading in futures at the GCC level, besides the endorsement of unified principles of governance for companies listed on the financial markets in the GCC.

The Cabinet approved the UAE System for Control of Halal Products to ensure they meet the requirements of the Sharia law.

It also endorsed the final accounts of the Marriage Fund, the Federal Customs Authority, the National Statistic Centre and the Emirates Post Group for the financial year ended December 31st, 2012.

The Cabinet approved the recommendations of the Federal National Council (FNC) on the policies of the Ministry of Health (MoH) regarding the development of the health sector nationwide.

The air transport agreement between the UAE and the Central African Republic was also endorsed. It is expected to have a positive impact on the national carriers, the economy and tourism.

Financial markets to close on Sunday

The Emirates Securities and Commodities Authority (SCA) has announced that  financial markets in the UAE will be closed on Sunday December 1 to mark the 42nd UAE National Day.

A SCA statement said the markets will resume trading on  Monday December 2.

 

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