Dr. Hisham Fawzi’s participation in the report of the Financial and Economic Affairs Committee regarding the recommendations referred by the Council regarding the Ministry of Economy’s policy in the UAE:
Chairperson:
Firstly, the laws and regulations governing the ministry’s work:
“The ministry should expedite the completion of the legislative package to finalize the legislative framework for the national economy and prepare the business environment in the field of integrated competitiveness…”
President:
Please, Chairman, read the item in full first, and we will approve it in its entirety before moving to the next point.
Chairperson:
It is necessary to align policies and legislation with the UAE Vision 2021 within specific objectives to ensure achieving a knowledge economy and tangible results within competitive indicators, and to coordinate with local authorities concerned with economic and commercial activities.
It is necessary to coordinate with local authorities to identify the targeted strategic sectors through free zones and to apply Article (121) of the Constitution, which states at its end: “The Union shall have exclusive jurisdiction to legislate on the following matters: regulation and establishment of financial free zones and the scope of their exemption from the application of federal legislation.”
President:
Are there any comments on these recommendations?
His Excellency Ali Issa Al Nuaimi (Committee Rapporteur):
Excuse me, Mr. President. Regarding the third point, there is a word referred to by the legal advisor, which is in the third line after the phrase “… establishment of free zones,” we will add the word “financial”. This was pointed out by the legal advisor earlier, so there is an amendment to the third item of the first point by adding the word “financial” after the phrase “… establishment of free zones.” The legal advisor can clarify this matter, thank you.
President:
Is this text in the Constitution? Please read it as it appears in the Constitution, legal advisor.
Dr. Hisham Mohamed Fawzi (Legal Advisor to the Council):
In fact, when Article (121) was amended, the text became as follows: “Without prejudice to what is stipulated in the preceding article, the Union shall have exclusive jurisdiction to legislate on the following matters: … regulation and establishment of financial free zones and the scope of their exemption from the application of federal legislation.” Thus, the article refers to financial free zones such as the Dubai International Financial Centre (DIFC), which deals with financial centers that trade in stocks, securities, and other similar matters. Regular free zones are not related to this article. Thank you.
