After the success of Dubai's Tomooh scheme and Abu Dhabi's Sheikh Khalifa Programme in support of UAE nationals' small and medium projects, the formation of a similar federal fund was approved yesterday by the Federation of UAE Chambers of Commerce and Industry's board of directors.

Consequently, a committee was formed to prepare a comprehensive study on the fund. It will be finalised in October, Chairman Saeed Al Suwaidi said. The Ministry of Economy and Commerce also allowed the federation to resume issuing certificates of origin, he added. The ministry had been handling it.

Al Suwaidi said the board meeting yesterday discussed forwarding a recommendation to the government on granting incentives to companies employing the largest number of UAE nationals.

The board also approved the evaluation of international economic agreements and their impact on the national economy, he said. The federation's conclusions will be forwarded to various ministries before the agreements are signed.

Also, a UAE Chambers of Commerce and Industry committee was formed to examine the plan for an Arab Business Council, whose members will primarily comprise businessmen from the UAE and their Arab counterparts living in the U.S. and Europe.

A meeting will be held in the U.S. next month to discuss the basics for the joint business council. A UAE-Algeria Business Council was also approved. On the fund, Al Suwaidi said, "It will support creative national projects. The market is now saturated with small projects by expatriates.

"The heads of UAE chambers approved the formation of the federal fund because of the success of Tomooh and Sheikh Khalifa Programme for the Support of Small and Medium projects," he said. Regarding the issue of certificates of origin, he said, "The move will facilitate work for factories and companies and ensure a larger trade flow."

Recommendations on the UAE-Germany exhibition and financial support for the federation were also reviewed. Several exhibitions promoting national products will be held abroad in collaboration with Abu Dhabi's General Exhibitions Corp, the federation's financial supporter.