Abu Dhabi: The UAE Cabinet yesterday approved a draft Companies Law that is expected to boost the country's growing private sector and help economic diversification.
The law was approved during a Cabinet meeting at the Presidential Palace chaired by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
"The new draft law aims to enhance the flexibility and strength of the national economy, and keeping abreast with global economic changes by preserving a continuous and balanced growth in all economic sectors in the UAE," said a WAM report
The new law sets up a general framework for public joint stock companies to ensure the rights of all stakeholders, transparency, and disclosure of financial statement, and the efficiency and integrity of boards of directors.
The move could help the UAE markets gain emerging markets status by Morgan Stanley Capital International (MSCI) which is to review the status of the UAE stock markets later this month. The UAE economy could grow by 3-5 per cent next year.
Meanwhile, Shaikh Mohammad stated that the resolutions issued by President His Highness Shaikh Khalifa Bin Zayed Al Nahyan on the occasion of National Day deserve all the praise and gratitude from the Cabinet and UAE citizens.
Shaikh Mohammad said that Shaikh Khalifa represents the spirit of giving that courses through the UAE's union, and that his resolutions reaffirm that the UAE citizen is the purpose behind the nation's development, and providing them with a good life is the leadership's target.
The Cabinet also extended its thanks to the UAE people for the unprecedented celebrations of the 40th anniversary of the UAE National Day.
It also approved an agreement between the UAE and Indonesia regarding the mutual exemption of entry visas for holders of diplomatic, special or service passports.
The Cabinet passed the 2012 budget for the Marriage Fund, Zakat Fund, and Emirates Authority for Standardisation and Metrology.
