Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, chaired the UAE Cabinet meeting, which was held at Qasr Al Watan Abu Dhabi.
Article continues below
The meeting was attended by H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance; H.H. Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior; and H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.
The meeting approved a number of initiatives and legislations aiming at further developing UAE government work. The Cabinet adopted a new policy for housing loans, an unemployment insurance system and increasing the participation of Emiratis in the private sector.
His Highness Sheikh Mohammed bin Rashid said, "Today, I chaired a Cabinet meeting at Qasr Al Watan in Abu Dhabi. We approved a new housing policy within the Sheikh Zayed Housing Programme, and a housing loan financing programme worth AED 11.5 billion, benefiting 13,000 Emirati families."
He added, "We also approved a new system to enhance the participation of our national talents in private sector. We have set a minimum Emiratisation percentage of 2 percent annually from High-skilled jobs in establishments having more than 50 employees. Our goal is to raise this percentage to 10 percent in 2026 in cooperation with Nafis programme."
He said, "We approved a new unemployment insurance system which constitutes of compensating the insured employee in the UAE with a cash amount for a limited period. The goal is to enhance the competitiveness of the labor market and establish a stable work environment for everyone."
Mohammed bin Rashid noted, "Today, we adopted a new governance system to ensure best practices in the government higher education institutions and our national universities.. While setting clear performance indicators for their work, to enhance their financial efficiency and support them in achieving their educational goals."
He added, "We approved in the Cabinet meeting today, a decision allowing the publication of the names of violators of our capital market regulations and the regulations of the Securities and Commodities Authority (SCA), and publishing the facts of these violations. The goal is to raise investment awareness, protect our financial markets, deter violators and protect all investors."
The Cabinet approved the new policy for federal government housing loans, which aims to provide financing for housing loans through partnerships with the private sector and national banks. The Sheikh Zayed Housing Program will finance the profits of the loans on behalf of the Emiratis. The housing loan financing programme aims to issue 13,000 housing decisions for the next five years (2022-2026) worth AED 11.5 billion ($3.1 billion).
The UAE Cabinet approved a federal law on the unemployment insurance system, through insurance packages. The law constitutes of compensating the insured employee in the UAE with a cash amount for a limited period until finding an alternative job, and enhancing the competitiveness of Emiratis in the labor market, as well as attracting the best international talent to the UAE labor market.
The Cabinet approved a decision regarding the governance of the federal higher education institutions in the country, which aims to develop a comprehensive regulatory framework and build a flexible and advanced legislative environment for these institutions. The decision will support the federal higher education institutions in enhancing their competitiveness and ensuring effective governance, in line with the national strategy for higher education 2030. ■