Cabinet hails President's ordinances on the occasion of 40th National day of UAE

posted on 05/12/2011: 83 views

Vice-President and Prime Minister of UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum stated yesterday that the ordinances issued by President His Highness Sheikh Khalifa bin Zayed Al Nahyan on the eve of the 40th National Day of UAE deserve praises and appreciation of the cabinet and the people of UAE.

The kind orders of the President are not strange as he represents the country's historical leadership which remained characterised by generous giving over the last four decades and guaranteed the people of UAE every means for decent living and welfare; said Sheikh Mohammed.

This was stated as the Premier was speaking while chairing the cabinet meeting yesterday at the Presidential Palace in Abu Dhabi in the presence of Deputy Prime Minister and Minister of Presidential Affairs HH Sheikh Mansour Bin Zayed Al Nahyan.

He also praised the penchant and the zeal of the people of UAE in celebrating the 40th National Day. "It was reminiscent of the same spirit which took us to the early days of the Union. The people's rallying behind the leadership with this spirit gives us the glad tidings of more welfare as we stand at the threshold of the fifth decade. The world community can expect more surprises from the United Arab Emirates in the coming decade", Sheikh Mohammed said.

He also thanked the organising committees at the federal and local levels for leading the celebrations into a great success reflecting the people's love for their country and the spirit of belongingness among the citizens and the residents .

The cabinet approved at its meeting the proposed company law. Passing the new law Sheikh Mohammed said that the development of economic legislations shows the government's approach to enhance the flexibility and the strength of our national economy keeping pace with global economic changes so as to maintain a steady and balanced growth pattern in all economic sectors in the country.

The new companies law is passed as part of the government's strategic approach to give greater flexibility to set up various types of companies and strengthen corporate governance of joint stock companies. It lays down a general framework for the governance of public companies to guarantee the rights of all shareholders and to ensure transparency and disclosure of financial data as well as the efficiency and integrity of the Board of Directors.

The cabinet also passed an order restructuring the National Authority for Qualifications under the chairmanship of Labour Minister Saqr Ghobash and five officials representing various government departments as its members. The cabinet also passed a law regulating the work of experts in the courts of law in the country.

The cabinet also ratified a number of international agreements and budgets of some federal agencies. - Emirates News Agency, WAM

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