New legislation to boost UAE's industrial sector

ABU DHABI — The UAE industrial sector is to see new legislation soon to help enhance and boost industrial activity, said Dr Mohammed Khalfan bin Kharbash, Minister of State for Financial and Industrial Affairs.

By Haseeb Haider

Published: Thu 29 Nov 2007, 8:30 AM

Last updated: Sat 4 Apr 2015, 11:23 PM

A high-level seminar organised by the Ministry of Finance which was attended by government officials, public and private sector representatives, who discussed the government strategy for the promtion of industrialisation in the country.

Dr Kharbash said that government wants to boost the industrial output, making use of the strategic position of the country. He said that country is blessed with natural resources like energy, capital and market access which needs to be fully exploited.

As per a study conducted by an Italian consultants on the UAE industrial sector, an independent authority for industrial development is to be established.

The Emirates Industrial Bank (EIB) is also to adopt a new strategy to add to its efficiency. "The current rules and regulations concerning industrial activity are to be thoroughly revised. The successful experiences of similar financial institutions are to be utilised," said Muzafar Al Haj, Deputy Director-General of the EIB.

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