UAE cabinet approves housing loan budget of 12 billion dirhams for Sheikh Zayed housing program


The UAE cabinet on Monday (February 28th) approved a housing loan budget of Dhs 12 billion for the Sheikh Zayed housing scheme.

The meeting held at Expo 2020 Dubai was chaired by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai.

“I chaired a cabinet meeting today where we passed a housing loan budget of Dhs 12 billion for the Sheikh Zayed housing program over the next few years. The aim is to meet to the accumulated and expected demands and reduce the waiting period over the next few years,” said Sheikh Mohammed.

The cabinet also approved a new classification policy for private sector companies, according to a specific mechanism that enhances the flexibility and competitiveness of the labor market, according to the WAM news agency.

The cabinet also adopted a decision to update the conditions and controls for classification of professional levels of employment in the labor market, in order to improve the competitiveness of the labor market in the country. Employment will be classified according to the nine occupational levels according to the International Standard Classification of Occupations (ISCO) published by the International Labor Organization.

The Cabinet approved a decision to ensure the protection of labor rights in the UAE labor market. It aims to ensure the development of an integrated system of alternatives to employment insurance, contributing to the protection of labor rights, providing more achievable employment benefits and reducing the financial burden on many establishments.

Emirates Council for Balanced Development
The meeting approved a resolution to form the Emirates Council for Balanced Development, chaired by Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, President of the Court of the Crown Prince of Abu Dhabi and a member of the Abu Dhabi Executive Council . The Council will oversee the management of projects, coordinate with relevant ministries and local authorities on the development plans of the regions, monitor the implementation of initiatives and approve proposed areas of partnership with the private sector, in particular national companies.

Council members include Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology of the United Arab Emirates; as vice-president; Suhail Mohamed Al Mazrouei, Minister of Energy and Infrastructure; Hessa Bint Essa Buhumaid, Minister of Community Development; Dr Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs; Rashid Saeed Al Ameri, Undersecretary of the Ministry of Presidential Affairs for the Government Coordination Sector; Saeed Mohammad Al Eter, Chairman of the UAE Government Media Office; Saeed Al Zaabi, Court Advisor to the Crown Prince of Abu Dhabi; Ahmed Taleb AlShamsi, CEO of the Emirates Foundation; and Shadi Malak, CEO of Etihad Railway.

During the meeting, the UAE cabinet also adopted an Emirati ecosystem to promote the principles of tolerance and coexistence in the working environments of all public and private sector institutions.

The UAE cabinet has adopted a series of Emirati technical regulations in several production and service sectors, aimed at unifying legislations and specifications with the GCC and different countries around the world.

The Cabinet also approved a decision regarding the Executive Regulations of the Federal Law Concerning Rules and Certificates of Origin, the Executive Regulations of the Federal Trademark Law, the Executive Regulations of the Federal Copyright Law and related rights, and amendment of the executive regulation of the Federal Act on the regulation of the audit profession.

Regarding regulatory affairs, the UAE Cabinet approved the Emirates Investment Authority (EIA) annual budget proposal for the financial year 2022. In addition, the Cabinet considered the Board’s request Federal National Council (FNC) to discuss government water security policy. .


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