The UAE Cabinet, chaired by HH Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister and Ruler of Dubai, has adopted a resolution to support the industrial sector by introducing reduced fees of electricity consumption for large, medium and small factories, reported state news agency Wam.

The initiative introduced a reduced tariff for electricity consumption for the industrial sector, while achieving sustainable growth by reducing dependence on non-environmentally friendly sources such as liquid fuels.

Large factories will be supported by reducing the electricity consumption charges by 29 per cent, while the small and medium factories will have reduced fees by 10 per cent to 22 per cent, in addition to waiving the service connection fees for new factories, it stated.

"We launched today an initiative to support the industry sector and to affirm UAE’s position on the global map as an attractive investment destination that provides an integrated environment for growth and sustainability," said Sheikh Mohammed while chairing the meeting.

"We are investing in a sustainable industrial sector through the collaboration between different government entities and our goal is to be a successful model for the green economy to preserve our environment for future generations," he added.

The cabinet also approved the launch of the "one-day court" system to provide the fastest and most efficient services to the community.

The "one-day court" will contribute to speeding up the ruling in minor criminal offenses. The initiative also affirms that the UAE is a state of institutions and law, possessing a distinguished judicial system that is based on modern mechanisms and systems.

The UAE cabinet also approved a law to provide special residency-visa privileges for expats retirees over the age of 55 years for a period of five years, with the possibility of renewal, according to specific conditions.

The law, which will be in effect as of 2019, outlines the requirements to qualify for the long-term visa such as having an investment in a property worth Dh2 million, or having financial savings of no less than Dh1 million, or having an active income of no less than Dh20,000 per month, said the report.