UAE | Government

Federal National Council pledges to bring in commercial fraud law

The Federal National Council issued a statement on Tuesday that affirmed its commitment to ushering in a new political culture and to implementing a new law to combat commercial concealment.

  • Staff Report
  • Published: 21:34 March 18, 2008
  • Gulf News

  • Dr Anwar Gargash, Minister of State for Federal National Council Affairs, highlighted the importance of the draft laws discussed by the Federal National Council in its eighth session.
  • Image Credit: Gulf News Archive

Abu Dhabi: The Federal National Council issued a statement on Tuesday that affirmed its commitment to ushering in a new political culture and to implementing a new law to combat commercial concealment.

Dr Anwar Gargash, Minister of State for Federal National Council Affairs, highlighted the importance of the draft laws discussed by the Federal National Council (FNC) in its eighth session, stating that they will have a direct impact on the government's policies in strengthening the UAE's economic growth and improving the standard of living.

He said that the high level of synergy between the Government and the FNC in dealing with national issues had set the foundations for a new political culture.

"A joint course of action by both bodies enhances the UAE's investment climate, preserves national wealth and promotes welfare," he said.

In the eighth session, the FNC discussed several important federal draft laws. These discussions are considered a major step in the legislative history of the UAE as they cover critical issues relating to the country's socio-economic fabric.

"Issues are reviewed objectively through these discussions, with a focus on the interests of UAE nationals. One of the key achievements was in obtaining government approval to implement the Law for Combating Commercial Concealment. For a long time, commercial fraud has been adversely affecting economic growth and this issue can now be effectively addressed," Dr Gargash said.

Dr Gargash stressed the need to create a roadmap to assess all aspects of commercial concealment, and said the law has to be implemented timely and properly to ensure optimum results by further strengthening the country's economic environment.

Sultan Bin Saeed Al Mansouri, Minister of Economy, expressed his determination in implementing the Law for Combating Commercial Concealment. Following discussions, the FNC agreed to a one-year period for the Government to take the necessary steps to implement the law.

Regarding electricity supply to the northern emirates, the government confirmed its commitment to fulfil supply needs through the Federal Electricity and Water Authority (FEWA). Mohammad Bin Dha'en Al Hamili, Minister of Energy, said that FEWA is currently forecasting the levels of electricity consumption nationwide.

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