(MENAFN- Khaleej Times) The water and electricity sector tops the priority of the federal government in terms of development for its importance in solidifying the national economy of the UAE, His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, said on Sunday.
During the Cabinet meeting at the Presidential Palace in Abu Dhabi, Shaikh Mohammed noted the importance of investing in infrastructure to drive the development of the economy in all fields.
"Our aim is clear to guarantee the prosperity of our people and maintain a solid economic drive that sustains development," said Shaikh Mohammed.
The Cabinet approved recommendations brought forth by the Federal National Council concerning the Federal Electricity and Water Authority with regards to the development of services in line with the boom the UAE is witnessing.
The Cabinet also approved a draft law regulating the profession of auditing as per the highest internationally recognised standards.
The Cabinet approved the Emirates regulatory system for lighting products with aims to raise the efficiency of electric lighting products in terms of safety and safe disposal in addition to environmental and health aspects.
The Cabinet issued a decision to implement safety regulations on small cargo ships which are not included in international treaties.
On another note, the Cabinet approved the restructuring the General Authority of Islamic Affairs and Endowments Board of Directors with the chairmanship of Dr Hamdan Musallam Maktoum Al Mazrouei.
Also approved was the restructuring of the Telecommunications Regulatory Authority Board of Directors with the chairmanship of Mohammed Ahmed Al Qamzi for a renewable four-year term.
The National Transportation Authority Board was restructured with the chairmanship of Minister of Public Works Dr Abdullah Belhaif Al Nuaimi.
The Cabinet approved a number of requests by the Federal National Council to review the policies of the Ministry of Higher Education and Scientific Research and Emirates Post.
In an effort to better support inter-Arab economies, the Cabinet also approved to increase UAE's share in the capital of the Arab Monetary Fund and the Arab Investment and Export Credit Guarantee Corporation.
The Cabinet also approved the release of the UAE report on energy, agriculture, forestry, industry and waste. The report is an important milestone in recording steps taken by the UAE to reduce its carbon footprint and combat climate change in line with UN protocols.
The Cabinet also approved an agreement with Argentina that aims to boost economic and trade cooperation.
Additionally, air transport agreements were approved between the UAE and Mexico, Romania, Armenia and Laos.
The meeting was held in attendance of Deputy Prime Minister and Minister of Interior Lt-General Shaikh Saif bin Zayed Al Nahyan and Deputy Prime Minister and Minister of Presidential Affairs Shaikh Mansour bin Zayed Al Nahyan.
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