A financing program for housing loans at a cost of 11.5 billion dirhams
The Cabinet headed by Mohammed bin Rashid adopts a new housing policy
Mohammed bin Rashid while presiding over the cabinet meeting held at Qasr Al Watan in Abu Dhabi.
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His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, chaired the Cabinet meeting held at Qasr Al Watan in the capital, Abu Dhabi, in the presence of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, Lt. General H.H. 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.
Within the meeting’s agenda, a number of initiatives, legislation and policies aimed at further developing the government work system in the UAE were adopted, foremost among which was the adoption of a new policy for federal housing loans, the adoption of the unemployment insurance system, and raising the targets for Emiratisation in skilled jobs in the private sector.
His Highness Sheikh Mohammed bin Rashid Al Maktoum said: "The government of the Union resumed its work after the Eid Al-Fitr holiday and chaired a cabinet meeting at Qasr Al Watan in the capital, Abu Dhabi. The first decision in our session was a new housing policy within the Zayed Housing Program and a new financing program for housing loans worth 11.5 One billion dirhams, from which 13,000 citizen families benefit.
His Highness added: “We have also approved a new system to enhance the presence of our national cadres in the private sector by raising the Emiratisation rates by 2% annually for skilled jobs in private sector enterprises, to reach 10% in 2026, in cooperation with the Nafees program and through financial advantages from Nafees for enterprises to support Hiring these cadres.
His Highness said: "We have also adopted an unemployment insurance system. Its aim is to compensate the insured worker with a cash amount for a limited period in the event of his unemployment. The goal is to enhance the competitiveness of the labor market, provide a social umbrella for its workers, and establish a stable work environment for all."
His Highness added: "We have also adopted a new system for the governance of government higher education institutions and our national universities to provide them with greater flexibility and independence... while setting clear performance indicators for their work in a way that enhances the financial efficiency of these institutions... and supports them in achieving their educational goals."
His Highness Sheikh Mohammed bin Rashid said: "We have also approved in the Cabinet a decision allowing the publication of the names of violators of our capital market regulations and those of the Securities and Commodities Authority... while publishing the facts of these violations, and the goal is to raise investment awareness, protect our financial markets, deter violators, and ensure the protection of All investors.
His Highness added: "In the environmental sector, we approved the formation of the Emirates Council for Climate Action, headed by the Minister of Climate Change, with the membership of the relevant federal and local authorities. .
His Highness said: "We also approved the establishment of the Emirates Council for Environmental and Municipal Work, with the membership of all municipalities in the country and a group of federal ministries, with the aim of exchanging experiences... and proposing regulations and legislation that raise the level of municipal work at the federal level."
His Highness added: "We also adopted a decision merging the General Authority for Islamic Affairs and Endowments with the Zakat Fund and the formation of a new board to manage the authority.
We have a great opportunity for the growth of the endowment sector in the country and the development of Zakat resources, and the new authority has a great task to develop this sector.”
His Highness Sheikh Mohammed bin Rashid said: "We have adopted a decision regarding the UAE pavilion at Expo 2022 Floriad, which will be held in Amsterdam in the Netherlands, and aims to introduce the country's efforts to overcome the challenges of high temperature and water scarcity and preserve our biological diversity. ».
The Cabinet approved the new policy for federal government housing loans, which aims to provide financing for housing loans through partnership with the private sector and national banks, in order to support the goals associated with reducing the waiting period for applications, and the Sheikh Zayed Housing Program will finance the value of profits resulting from loans on behalf of citizens. This contributes to doubling the number of decisions that can be issued annually for loans and accelerating the completion of applications, especially during the next five years, in addition to the sustainability of funding and coverage of housing applications through partnership with the private sector.
In light of the new policy, the housing finance program aims to issue 13,000 housing decisions for the next five years (2022-2026) at a cost of 11.5 billion dirhams, and to meet the future needs of the country’s citizens, which, in total, aim to enhance family stability and achieve prosperity and a decent and secure life for citizens.
The policy embodies the efforts of the UAE government in making its citizens happy, accelerating and enhancing its steps towards achieving housing stability for citizens, and supporting the state's goals for the next fifty years, the UAE Centennial 2071 and its aspirations for global leadership in achieving comfort and prosperity for its people.
The Council of Ministers approved amendments to some provisions of the Cabinet’s decision regarding initiatives and programs for the competitiveness of Emirati cadres “Nafis”, and the approval of raising the target of Emiratisation rates at a rate of 2% annually for skilled jobs in private sector companies and establishments that include 50 employees or more, and raising the Emiratisation rate incrementally at a total rate of no less About 10% until 2026, with the aim of creating job opportunities annually for citizens in the private sector and various economic sectors in the country.
On the other hand, in legislative affairs, the Council of Ministers approved the issuance of a federal law on the unemployment insurance system through insurance packages, which aims to ensure the availability of income for the worker during his downtime until alternative job opportunities are available, enhance the competitiveness of Emirati cadres in the labor market and provide them with an umbrella of social protection. In order to ensure the sustainability of a decent life for them, and to attract and maintain the best international talents from skilled workers in the labor market in the country to reach a competitive knowledge economy, as the new system includes compensating the insured worker in the country with a cash amount for a limited period in the event of his unemployment and the value and duration of compensation.
In legislative affairs, the Council adopted a resolution on the governance of federal government higher education institutions in the country, which aims to develop a comprehensive regulatory framework and build a flexible and advanced legislative environment for federal government higher education institutions in the country that enhances their competitiveness, ensures effective governance and management in them, to be a center of attraction for educational institutions, and partnerships strategy, and students from all over the world, in line with the national strategy for higher education in the country and the UAE Centennial 2071, and providing flexibility and independence for it, while ensuring the existence of clear mechanisms for accountability and follow-up performance, enabling it to achieve its strategic plans, raising the level of education outcomes, and graduating qualified students To engage in the labor market, motivate them to diversify their sources of income, as well as stimulate their research and development efforts.
The decision enhances the financial efficiency of government higher education institutions in the country, and monitors their performance, which is reflected in the capabilities and indicators of their competitiveness locally and globally, and their ability to attract highly qualified faculty and leadership, and to manage the budget allocated by the government to these institutions according to a more efficient mechanism.
The Council of Ministers approved the policy of publishing violations related to the provisions of the Law and Regulations of the Securities and Commodities Authority, and granting the Authority the authority to publish the facts committed in violation of the Law of the Authority and the regulations issued by it within its websites, with the possibility that publication include the names of violators and the content of those violations, in accordance with specific controls and grievance mechanisms, which is This enhances efforts to raise investment awareness, protect investors, and ensure the foundations of sound dealings in the financial markets, and ensures the achievement of deterrence, and limits the commission of violations within the framework of the financial markets.
In governmental regulatory affairs, the Cabinet approved the formation of the Emirates Council for Climate Action and the establishment of the Emirates Council for Environmental and Municipal Action. The resolution stipulated the formation of the Emirates Council for Climate Action for a period of three years, headed by His Excellency the Minister of Climate Change and Environment and with the membership of representatives from the Ministry of Foreign Affairs and International Cooperation, the Ministry of Economy and the Ministry of Economy. Industry and Advanced Technology, the Ministry of Energy and Infrastructure, the Ministry of Education, the General Civil Aviation Authority, the Office of the Special Envoy for Climate Change, a representative from each emirate, and five members to represent the private sector chosen by the Minister of Climate Change and Environment.
The Emirates Council for Climate Action proposes the general foundations for public and sectoral plans and projects related to mitigating climate change and adapting to its effects, developing and following up on the implementation of the strategic initiative for climate neutrality 2050, and reviewing and updating reports of state contributions on climate change in accordance with the Framework Convention on Climate Change and preparing national reports on the contributions of The state in implementing the Paris Agreement on Climate Change, proposing and harmonizing federal and local strategies and encouraging partnership projects with the private sector, as well as highlighting the state’s efforts in climate change, organizing international participation, and promoting and developing scientific studies and research.
The formation of the Emirates Council for Environmental and Municipal Action was also approved, for a period of three years, headed by the Minister of Climate Change and Environment, and the membership of representatives from: the Ministry of Industry and Advanced Technology, the Ministry of Economy, the Ministry of Energy and Infrastructure, the Ministry of Health and Community Protection, the Ministry of Education, and a representative of Municipalities and the environment in each emirate.
The Emirates Council for Environmental Action and the Municipality proposes the general foundations for promoting joint work in the field of environment and in the field of municipal services, proposing regulations, legislation and policies to ensure more effective participation of the private sector in related projects, proposing initiatives and complementary projects related to the environmental and municipal field, in addition to coordinating the exchange of experiences and the best Practices in the field of municipal work, promotion and development of scientific studies and research and determining the state's position in relevant international and regional negotiations.
The Council adopted a decision to issue a federal decree establishing the permanent delegation of the state to the International Maritime Organization in the United Kingdom, in order to ensure participation in all the activities of the organization in the deliberations of approving international maritime conventions, protocols and codes and any amendments thereto and approving them in order to achieve the state’s economic, maritime and environmental interests and areas for improvement in safety levels Maritime and maritime transport trade, contributing to the realization of the state’s directions in the fields of the maritime economy, marketing the state’s capabilities in maritime investments, achieving the state’s maritime trade interests, standing up to all developments to serve sustainable development in the state’s maritime transport sector, and enhancing the state’s position in all relevant indicators and creating an environment Attractive for offshore projects.
The Council also adopted a decision to reconstitute the Board of Directors of the General Civil Aviation Authority for a period of three years, headed by the Minister of Economy, with the membership of His Highness the President of the Dubai Civil Aviation Authority, the Chairman of the Department of Municipalities and Transport in Abu Dhabi, the President of the Department of Civil Aviation in Sharjah, the President of the Department of Civil Aviation in Ras Al Khaimah, and the Chairman of the Department of Civil Aviation in Sharjah. The Department of Civil Aviation in Fujairah, the Undersecretary of the Ministry of Interior and the Commander of the Air Force and Air Defense, and a representative of the Ministry of Energy and Infrastructure and the Supreme Council for National Security.
The Council 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, and the membership of the Undersecretary of the Ministry of Finance as Vice President, a representative of the Emirates Investment Authority, the Director General of the Abu Dhabi Digital Authority, the Director General of the Dubai Digital Authority, and the Director General of the Authority Federal Identity, Nationality, Customs and Ports Security, Mahmoud Ibrahim Al-Mahmoud, and Dr. Maryam Butti Al-Suwaidi.
The Council adopted a resolution regarding the UAE pavilion Expo 2022 Floriad, entitled "Salt Water Cities... Where the Earth Meets the Sea", at the international exhibition held under the title "Developing Green Cities", which is organized once every 10 years in Amsterdam, the Netherlands.
The pavilion reviews the country's efforts to overcome natural challenges, such as water scarcity, high temperature and high soil salinity, the establishment of circular saline farming systems, and the development of greener cities, and highlights the efforts of scientists, researchers and innovators in developing solutions that preserve biodiversity, and developing solutions sustainable food security, environmental issues and water scarcity.
The pavilion also seeks to introduce visitors to the country's biodiversity in halophytic plants, and its role in greening Emirati cities, in order to encourage new innovations that address food and water security issues and make our cities more sustainable and resilient. In creating solutions to the environmental challenges facing the UAE and inspiring creative ideas.
The Council approved the list of operational and executive powers and rules and their transfer from the Securities and Commodities Authority to the financial markets, pursuant to the provisions of Federal Decree-Law No. /22/ of 2020 regarding the distribution of competencies and powers between the Authority and the securities markets licensed in the state, which included more than 30 operational and executive powers. Transferred to the financial markets.
During its session, the Council was briefed on a number of recommendations of the Federal National Council on the topic “The Role of the Ministry of Industry and Advanced Technology in the Development of National Industry”, in addition to adopting the amendment of the decision issued regarding the formation of the Steering Committee for Standardization and Metrology, and reviewing the final report of the Audit Bureau on the final account The Consolidated Union for the fiscal year ending on December 31, 2021, and the approval of a draft federal law on approving the Consolidated Final Account of the Union for the year ending on December 31, 2021.
The Council was also briefed on the measures taken to complete the requirements for implementing the electronic billing project, which aims to exchange invoices between suppliers and buyers in an integrated electronic form, in order to support tax compliance, enhance consumer protection and support the fight against money laundering crimes.
The Cabinet also reviewed the reports of the work of the boards of directors of a number of bodies and institutions for the year 2021, including the report of the Board of Directors of the General Civil Aviation Authority, the report of the Board of Trustees of the Anwar Gargash Diplomatic Academy, the report of the Board of Trustees of the United Arab Emirates University, in addition to a report on the annual meetings of the joint Arab financial bodies And the meeting of the eleventh regular session of the Council of Arab Finance Ministers 2022.
Decisions and projects on the agenda of the cabinet meeting
• Adopting the new housing policy and a financing program for housing loans.
• Raising Emiratisation rates by 2% annually for skilled jobs in private sector establishments with 50 or more employees, and increasing the percentage upwardly, to reach 10% in 2026.
• Adoption of the unemployment insurance system.
• Approving the governance of federal government higher education institutions in the country.
• Adopting a policy of publishing violations related to the provisions of the Securities and Commodities Authority Law and Regulations.
• Formation of the Emirates Council for Climate Action and the establishment of the Emirates Council for Environmental and Municipal Action headed by Maryam Al Muhairi.
• Re-formation of the Board of Directors of the General Civil Aviation Authority and the Board of Directors of the Etihad Credit Bureau.
• Ratification and signing of 6 agreements with a number of friendly countries and international organizations.
Merger of the General Authority for Islamic Affairs and Endowments and the Zakat Fund
The Council of Ministers approved a decision merging the General Authority for Islamic Affairs and Endowments and the Zakat Fund, establishing a new body that includes both parties together, and forming a new board to manage the authority whose members are selected according to criteria related to the expertise required in the fields of Islamic affairs, fatwas, investment affairs, financial and administrative affairs, as well as Approval of the formation of a number of committees affiliated with the Board of Directors to ensure the governance of work in the new authority, such as the Zakat Committee, the Audit and Risk Committee, the Fatwa and Islamic Affairs Committee, in addition to the establishment of a charitable endowment fund affiliated with the Board of Directors and concerned with endowment investments from endowment funds and working to advance the endowment sector as one of the most important drivers Sustainable development, developing an integrated policy and supporting legislation for the endowment sector in the country, and developing an investment policy in endowments to achieve the government’s future directions.
The Fund may outsource the management of some assets and investment portfolios to specialized investment bodies with the approval of the Board of Directors.
Deputy Head of State:
• “We have adopted a new system for the governance of public higher education institutions and our national universities, to provide them with greater flexibility and independence, while setting clear performance indicators for their work, in a manner that enhances the financial efficiency of these institutions.”
• «A new system for enhancing the presence of our national cadres in the private sector by raising the Emiratisation rates by 2% annually for skilled jobs».
• “We have adopted an unemployment insurance system to enhance the competitiveness of the labor market, provide a social umbrella for its workers, and establish a stable work environment for all.”
• A decision allowing the publication of the names of violators of the capital market regulations and the regulations of the Securities and Commodities Authority, along with publishing the facts of the violations.
• A new system for the governance of government higher education institutions and national universities.
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