His Highness Sheikh Saud bin Rashid Al Mu'alla, Supreme Council Member and Ruler of Umm Al Qaiwain, has issued a law regarding the establishment of Umm al-Qaiwain Industrial City in the emirate.
According to article 3 of the decree the City will be called "Umm al-Qaiwain Industrial City", and the government will have full authority to manage its affairs. The UAQ Industrial City enjoys financial and administrative independence and full legal capacity to sign contracts as well as all kinds of transactions.
Under the article 4 of the decree the establishment of the City aims to keep pace with the steady growth, being witnessed particularly in the emirate and the UAE in general in the economic and industrial fields, in addition to attracting companies and individuals to make the city a hub for their regional and international operations.
Article 6 of the decree stipulates that the UAQ Industrial City will have a Chairman and Chief Executive Officer (CEO). The Chairman will be appointed under a decree issued by the Ruler and the CEO will be appointed as per a decision by the Chairman.
Any provision that contradicts with the law will be annulled according to article No. 22 of the decree.
This law shall be published in the Official Gazette and shall be effective from the date of issuance.
Follow Emirates 24|7 on Google News.