The Ministerial Development Council reviewed the general policy of the Central Bank of the UAE during its meeting at the International Defence Exhibition and Conference, IDEX 2019, in Abu Dhabi under the chairmanship of H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs
ABU DHABI, (Pakistan Point News - 18th Feb, 2019) The Ministerial Development Council reviewed the general policy of the Central Bank of the UAE during its meeting at the International Defence Exhibition and Conference, IDEX 2019, in Abu Dhabi under the chairmanship of H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.
The meeting was held in conjunction with the IDEX exhibition highlighting the importance as an international platform to gain experience and develop local and regional defence industries. The current session of the exhibition coincides with the Silver Jubilee of its first launch in 1993 as one of the largest specialised exhibitions in the defence industry.
His Highness reaffirmed that the success of IDEX reflects the leadership's vision of making the UAE a global centre for experts and officials to discuss and review the challenges and the latest defence trends.
Sheikh Mansour bin Zayed added that the UAE is witnessing a significant progress in the field of military industries thank to the contributions of Emirati talents and cadres, and that the UAE is confident in its ability to reach greater horizons that meet the aspirations of the future UAE.
The Council reviewed the general policy of the Central Bank of the UAE, which aims to ensure that its mandate and policies contribute to the achievement of the UAE Vision 2021 and to the enhancement of competitiveness of the UAE.
It stressed that the development of the financial sector is a priority in supporting the economic future of the UAE and to maintain its position as the most important financial centre in the region.
The Council also reviewed the National Strategy for Integrated Chemicals Management, which aims to upgrade chemicals management systems through reducing health and environmental impacts, managing risks associated with global best practices, and building capacity.
Regarding legislative affairs, the Council discussed the preparation of a draft federal law on the adoption of electronic signature in government transactions, which aims to enhance the development of the digital economy in the UAE through the development of a legal framework for electronic services.
The Council discussed the implementation of the Federal Law No. 18 of 2016 on reading, with the aim of developing and enabling a supportive and stimulating environment for establishing reading behaviours in society, building knowledge, and developing intellectual production and publishing industry in the UAE.
The Council also discussed the issuance of the executive regulations to the Federal Law No. 04 of 2015 concerning private health facilities, to strengthen the supervision of health facilities and developing its services to reflect positively on the wellbeing of society.
The meeting discussed the decision of the UAE Cabinet on the administrative fines for violating the procedures related to the application of the distinctive mark on selected goods, in the framework of encouraging businesses and individuals to comply with the tax liability.
As for organisational matters, the Council discussed the formation of the Financial Activities Committee, which would handle all financial activities referred to it by the regulatory authorities and study all proposals or opinions to regulate any financial activity other than those mentioned in the laws.
The Council also reviewed a number of government reports, including the State Participation Report at the Twenty-Fourth Conference of the Parties to the United Nations Framework Convention on Climate Change, UNFCCC, and the outcome report of the fourth meeting of the Emirates Council for Climate Change and the Environment.
