Prime Minister of the UAE and Ruler of Dubai Sheikh Mohammed bin Rashid has chaired the final Cabinet meeting at Expo 2020 Dubai.
The meeting approved a number of initiatives and legislations aiming at further developing UAE government work.
The Cabinet approved the UAE System for Crowdfunding Platform Operators, stressing that the Securities and Commodities Authority (SCA) will be responsible for the regulation governing the activities of crowdfunding platform operators.
The strategy covers all technical aspects associated with the regulation of crowdfunding platform operators. This includes definitions, scope of application, operator licensing requirements, operator obligations towards SCA and investors, financing applicant obligations, and the rights of the investor, the operator, and the financing applicant. The strategy also addresses supervision, inspections, and penalties.
The cabinet also approved a decision to establish a general secretariat for the Emirates Development Council, and a federal law regarding the approval of a supplementary budget to the federal budget of the UAE for the fiscal year 2022.
The Cabinet approved a decision to establish the “Collective Labor Disputes Committee”, chaired by Dr. Abdulrahman Al Awar, Minister of Human Resources and Emiratisation.
The committee will consider collective labor disputes referred by the Ministry in which the number of workers exceeds 100 workers. In addition to reviewing a number of reports, the Cabinet approved a number of international agreements with a number of friendly countries, the Republic of Senegal, the Kingdom of the Netherlands, the Russian Federation, the Democratic Republic of Congo, the Republic of North Macedonia and Angola.