UAE Cabinet sets up body to support overseas investments

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, chaired a meeting of the Cabinet at the Presidential Palace in Abu Dhabi yesterday. Also present were Deputy Prime Minister and Minister of Interior Lt-General Sheikh Saif bin Zayed Al Nahyan and Deputy Prime Minister and Minister for Presidential Affairs Sheikh Mansour bin Zayed Al Nahyan. The Cabinet appointed the Interior Minister as Chairman of the Emiratisation Council, which was set up in May this year to formulate policies and strategies to promote Emiratisation. It approved the establishment of a body to support UAE companies that are investing abroad as part of the government's efforts to encourage foreign investment. Aiming to promote investment diversity and protect venture capital around the world, the new body will support sound decision making politically and economically by providing information and feedback on overseas investment performance. In a move to protect public health and safeguard the environment, the Cabinet adopted UAE specification standards relating to plastic bags and other biodegradable plastic waste. The Cabinet also agreed to upgrade the country's diplomatic mission in Uzbekistan from a consulate to an embassy. It also sanctioned funding from the federal government to the International Civil Aviation Organisation to promote aviation safety in Africa, and reviewed a proposal to participate in the 15th United Nations Framework Convention on Climate Change to be held from December 7 to 18. - Emirates News Agency, WAM