Chaired by Mohammed bin Rashid, UAE Cabinet approves housing loan financing programme worth AED 11.5 billion
His Highness 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.
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."
New policy for housing loan financing
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.
Emiratisation in the private sector
Also, the Cabinet adopted amendments to its previous decision about "Nafis", the federal program to increase the competitiveness of Emirati human resources and empower them to occupy jobs in the private sector. The meeting approved raising the participation of the national talents in the private sector, by setting a minimum of 2 percent annually from the total of High-skilled jobs in establishments having more than 50 employees, increasing the Emiratisation rate gradually to reach a total of not less than 10 percent until 2026.
The unemployment insurance system
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.
Governance of federal higher education institutions
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.
Also, the meeting approved a policy of publishing violations related to the provisions of the Securities and Commodities Authority law and regulations, and granting the Authority the power to publish facts committed in violation of the Authority’s law and regulations issued by it within its websites. The publication of violations can include the names of violators and the content of those violations, in accordance with specific controls and mechanisms for grievance.
This decision aims to enhance efforts to raise investment awareness, protect investors, ensures the achievement of deterrence, and limits violations within the financial markets.
Regarding regulatory affairs, the Cabinet approved the formation of the UAE Council for Climate Action and the establishment and formation of the UAE Council for Environmental and Municipal Action, for a period of three years, headed by Mariam bint Mohammed Almheiri, Minister of Climate Change and the Environment.
The Cabinet approved the issuance of a federal decree to establish a permanent delegation of the UAE to the International Maritime Organisation (IMO) in the United Kingdom. In addition to approving the reformation of the Board of Directors of the General Civil Aviation Authority for a period of three years, headed by Abdullah bin Touq Al Marri, Minister of Economy.
The Cabinet also approved a decision to restructure the Board of Directors of Al Etihad Credit Bureau for a period of three years, headed by the Minister of State for Financial Affairs.
Merging General Authority of Islamic Affairs and Endowments and the Zakat Fund
The Cabinet approved the establishment of a new authority that includes the General Authority of Islamic Affairs and Endowments (GAIAE) and the Zakat Fund, to enhance the application of governance principles and achieving more financial sustainability. In the same context, the meeting approved the formation of a new board to manage the authority, and the establishment of a charitable endowment fund that follows the board of directors, in order to advance the endowment sector in the country.
During its meeting, the Cabinet approved a decision regarding the UAE pavilion in the Floriade Expo 2022 Amsterdam. In addition to approving a list of operational and executive powers and rules and transferring them from the Securities and Commodities Authority to the financial markets.
The meeting reviewed a number of recommendations from the Federal National Council of the UAE, the measures taken for implementing the electronic billing project, and the reports of the work of a number of authorities and institutions for the year 2021.
The Cabinet approved several international agreements with a number of friendly countries, including Spain, Slovak Republic, Japan and Philippines. In addition to approving agreements with the International Committee of the Red Cross (ICRC) and MENA RSOO- Regional Safety Oversight Organisation Middle East.