Initiatives aiming at stabilizing market prices discussed


H.E. Sultan Bin Saeed Al Mansouri, Minister of Economy, chaired in his office today the fifth meeting of the economic coordination and cooperation committee. The meeting was attended by local economic departments’ heads, UAE Central Bank and Ministry of Labor representatives.

The participants discussed the financial crisis and its impact on economic sectors. The unified commercial registry, unifying economic activities, draft laws worked by the MoE as well as initiatives aiming at stabilizing market prices and final draft law of companies were also on the debate table.

H.E. Al Mansouri praised the important role that the committee plays in implementing the strategic objectives of the Federal Government concerning leveraging coordination and communication practices, as well as facilitating economic integration between the Federal government and local Governments and involving governmental entities concerned with economic issues.

Al Mansouri stressed on the committee’s role in defying the current challenges imposed by the financial crisis, where it can develop proper cooperation work frames, unifying federal and local efforts thus contributing to leveraging the UAE’s image as a nation capable of overcoming global challenges and changes.

Participating in the meeting are Sheikh Mohammed Bin Kayed  Al Qassimi, Deputy Chairman of the Economic Department at Ras Al Khaimah, Hamad Al Shamsi, Vice Director, Sheikh Ali Bin Rashid Al Mualla, Chairman of the Economic Department  in Um Al Quain, HE Ali Bin Salem Al Mahmoud, Managing Director of the Sharjah Economic Department,. HE Humaid Bin Dimas, Managing Director of the Ministry of Labor, HE Mohammed Bin Majed, Director of the Fujairah Industry and Economy Department, HE Sami Al Qumzi, Managing Director of the Department of Economic Development in Dubai, Sultan Ali Jassem from the audit and banks supervision from the UAE Central Bank.

The Committee’s responsibilities are to crystallize a federal economic vision that inspires policies and strategies designers as well as studying systems, lists and policies organizing the economy’s cycle in the UAE. It also recommends necessary amendments according to local, regional and global economic changes and the UAE’s commitment with the WTO.

The role of the committee also is to discard differences between local and regional systems, lists and policies, as well as unifying data, economic indicators, IT systems used throughout the country. It plays the authority’s role in defining domains, tasks of each entity and works on leveraging cooperation between the different local economic departments to ensure integration of efforts and unified procedures.

The committee designs the trade policies locally and globally, as well as rules regulating the markets helping in consumer protection and preparing the grounds for healthy competition, investment and setting policies for trade agreements negotiation teams.

This committee meets regularly, 4 times during the year after its chairman invitation. Local departments represented hosts meetings in role, where the chairman suggests a business agenda with inputs from other members.

For further information, please contact:
Nedal Al Asaad / Nizar Aridi
ASDA’A Burson Marsteller


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