The UAE cabinet approved a series of measures on Monday aimed at providing housing and jobs for citizens, protecting financial markets and enhancing the competitiveness of the labour market.
In a statement on social media, Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, said the cabinet had approved a new housing policy with a total outlay of 11.5 billion dirhams ($3.13 billion). This will benefit 13,000 Emirati families.
The cabinet, which resumed its first session after the Eid Al Fitr holidays, also approved a new system to enforce the government’s plan to increase the Emiratisation quota in the private sector to 10 percent by 2026.
To further enhance the competitiveness of the labour market, the proposed unemployment insurance also received the cabinet’s approval. The program seeks to provide cash compensation to insured workers in the event they lose their jobs.
As for the investment sector, the cabinet approved a proposal to publish the names of those who violate regulations in the capital markets and the Securities and Commodities Authority.
“The goal is to raise investment awareness, protect our financial markets, deter violators and ensure the protection of all investors,” the Dubai ruler said.
The cabinet also adopted a decision to merge the General Authority for Islamic Affairs and Endowments with the Zakat Fund and to form a new board to manage the authority.
As for further promoting the UAE in the global markets, the cabinet adopted a decision regarding the setting up of a UAE pavilion at the Floriade Expo 2022, an international horticultural exhibition which will be held in Amsterdam in the Netherlands.
The UAE’s participation in the event, held every ten years, aims to showcase “the country’s efforts to overcome the challenges of high temperature and water scarcity and preserve our biological diversity,” Sheikh Mohammad said.
(Reporting by Cleofe Maceda; editing by Seban Scaria )