Awarded to the Economic Coordination Committee of the Cabinet approval
Friday for Habib Bank Limited (HBL) to open a branch in Urumqi, China.
The Committee also agreed to buy 74 megawatts from Iran.
Federal Minister for Finance Senator Mohammad Ishaq Dar chaired a meeting of the Emirates Competitiveness Council.
A summary moved from the Finance Division, ECC gave approval of the HBL to open a branch in Urumqi, China.
The Committee also approved a summary moved by the Ministry of Water
and Energy to allow NTDC (national transport and sending Ltd) approach NEPRA to approve the extension of the tariff from January 1, 2016 to 31st December 2016 for a contract with Iran to buy TAVANIR 74MW.
Emirates Competitiveness Council also approved the summary of the Ministry of Water
and Electricity for issuing policy guidance for NEPRA to allow 1% of the net capital cost of the above-mentioned United States 150,000 / $ –
Amount at the expense of security to be distributed annually starting from the construction period until the power purchase agreement.
ECC allows DOF to issue sovereign instruments in the international capital markets.
ECC reviewed the macro-economic indicators and pointed out that the inflation rate estimates
may indicate that 3.56 per cent in August 2016 compared with 8.55 percent in August of 2013 and 11.56 percent in August 2011.
Moreover, ECC was informed that there were enough stocks of wheat in the country,
which amounted to 9490000 tonnes in the September 20 2016, compared to 8.75 million tons in the same period last year.
ECC also informed that the large-scale manufacturing (Closed) increased by 3.2% in the fiscal year 2015-16.