The UAE Ministerial Development Council, presided over by H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, discussed today a number of topics to regulate the local manufacturing industry and implement best financial practices.
The Ministerial Development Council discussed a proposal to introduce a set of standards for the Made-in-UAE label. The label of national origin will impose a number of criteria to lend credibility to the country’s manufacturers and strengthen the manufacturing sector as a whole.
The new standards will create a competitive edge to manufacturers in the UAE and promote best practices across a wide range of products made in the country.
The council also reviewed a number of measures to regulate the financial collection of revenues generated by public authorities, including the legal framework to accelerate collection processes from individuals and authorities mandated under the federal law to pay a financial share to the government. The law aims at protecting public wealth and limit delays of due payments.
Also, the council discussed a law to ensure consumer protection and personal information privacy. This applies to personal information that relate to identifiable individuals which can be acquired through financial institutions. The law sets out obligations requiring that personal data be processed fairly, lawfully, and securely. The law also obliges financial institutions to outline relevant regulations to users and ensure accessibility to privacy policies.
This comes in line with UAE’s objective to maintain its status at the forefront of creating a favourable environment for developing business and attracting foreign direct investments to support economic and commercial activities in the UAE.
A law to regulate exhibitions and conferences in UAE was reviewed by the Ministerial Development Council. The law outlines necessary permits and processes to organise conferences and exhibitions.