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Laws need to boost growth, confidence: Mohammed


His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, said in Abu Dhabi on Sunday that the new government legislations and laws submitted to the Council of Ministers should keep pace with the development of UAE community to boost growth, preserve rights and establish confidence in the international legal, economic and social systems.

The Vice-President was speaking while chairing the cabinet meeting at the Presidential Palace in Abu Dhabi in the presence of Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior, and Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.

The cabinet approved the federal draft law on the notary public. The move comes within the framework of the government's strategy to update its legislations to match the growth and development requirements of the community regarding issuance of contracts and their authentication.

The law aims at streamlining work of notary public and also includes creation of private notary public in accordance with the conditions in the draft law.

It also agreed to liberalise a number of trade agencies regarding the foodstuff and major commodities in accordance with the memo submitted to it by the Ministry of Economy to curb unjustified soaring prices of some commodities, boost principle of competition in the UAE markets and combat all types of monopoly and exploitation. The list of food stuff items includes all types of beverages, dairy products, livestock, fats and oils, eggs and others.

The cabinet gave green light to the Union Railway Company to borrow Dh4.7 billion from banks and international corporations to finance the project of construction of the Shah-Habshan-Ruwais Railway to further boost the land transport and the national economy.

It also approved the complementary procedures for the endorsement of a number of agreements signed recently between the UAE and other countries, among others, the agreement between the UAE and Switzerland on avoiding of double taxation regarding income tax, the Arab Anti-Corruption Agreement, the Arab Draft Law on Anti-Transnational Border Organised Crime, the Arab Agreement on Transfer of Inmates of Penal and Correctional Institutions.

The Council of Ministers approved the Economic Cooperation Agreement between the UAE and Montenegro and the Agreement between the UAE and India on Cooperation and Mutual Administrative Assistance in Customs Matters.

It also approved the budget of National Media Council and the Federal Customs Authority for the fiscal year 2012.

Mohammed Bin Rashid receives ambassadors 
Sheikh Mohammed on Sunday also received ambassador of Hungary Janos Gonci, ambassador of Poland Adam Kachimovski and ambassador of Iraq Arshad Tawfiq Ismael Al Muselli.

In remarks at the meeting, Sheikh Mohammed underscored the promotion of relations with the three countries in different spheres.

He also noted cooperation between the ambassadors and the UAE's competent authorities.

In attendance at the meeting were the UAE's minister of state for Foreign Affairs, Director of the Office of the UAE Vice-President and Prime Minister and Ruler of Dubai, Lt. Gen. Musabbah Rashid Al Fattan, Head of Dubai's Protocol Department Khalifa Saeed Sulaiman and others.