Cabinet Nod to Law Regulating CMC

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The Cabinet, at its weekly meeting chaired by HE Sheikh Abdullah bin Nasser bin Khalifa Al Thani, Prime Minister, at the Amiri Diwan yesterday, approved a draft law amending some provisions of law no. 12: 1998, regulating the Central Municipal Council (CMC).

The Cabinet also approved another draft law on financial contracts, financial guarantees and clearing, as well as a draft law on final settlement of payments and securities.

The draft laws aim to apply the best standards across the related fields, as they form one of the most important building blocks of the banking and financial system of any state. These standards govern the transfer of funds between individuals and institutions.

 

During the meeting, the Cabinet also adopted a draft Amiri decision to establish and regulate Mohammed Bin Ghanem Al Ghanem Maritime Academy.

The academy is under the supervision of the Ministry of Defense and the minister, with a budget independent from that of the ministry. It will also have its own flag and logo with its own specifications and uses.

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