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New UAE Industrial Law

The UAE will issue a new legislation to regulate its industries soon, according to a cabinet minister.

The new law has already been drafted and will be submitted to the legislative panel at the Ministry of Justice, Dr Mohammad Khalfan Bin Kharbash, Minister of State for Finance and Industrial Affairs, was quoted as saying in a Gulf News report.

Bin Kharbash said the UAE economy would post a 7 per cent growth in 2007, buoyed by a strong performance in the service and industry sectors last year.

"In 2006, the growth rate was estimated at eight per cent while the annual average in the past seven years touched 7.7 per cent, making the UAE economy the second largest in the Arab world," he said.

The gross domestic product for 2006, he added, had grown by nine per cent.
(via Trade Arabia News Service) end post

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