Abu Dhabi: The United Arab Emirates (UAE) on Monday approved an unemployment insurance scheme to provide unemployed individuals with income support for a limited period of time.
Vice President, Prime Minister, and Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, took to Twitter, said the move was intended “to compensate the insured worker with a cash amount for a limited period in the event of unemployment”.
He further adds, “The aim is to enhance the competitiveness of the labour market, provide a social umbrella for its workers, and establish a stable work environment for all.”
This was part of a series of measures announced during the Cabinet meeting, which met at Abu Dhabi’s Qasr Al Watan after the Eid-al-Fitr break.
UAE Cabinet approved housing loans worth Dh11.5 billion for 13,000 Emirati families.
The loans are the latest step in the Sheikh Zayed Housing Programme to ensure every citizen can own a family home.
A new system to enhance Emiratisation in the private sector has also been approved to increase Emiratisation rates by 2 per cent annually in skilled jobs in the private sector. The rate will reach 10 per cent by 2026. The new system will be implemented in cooperation with Nafis, a federal program to increase the competitiveness of Emirati human resources and empower them to occupy jobs in the private sector.
Nafis was launched as part of ‘Projects of the 50’ to accelerate the UAE’s development journey and boost the economy.
A governance system for higher education institutions and national universities has been introduced to provide a greater flexibility and independence for academic institutions.
The Cabinet also issued a resolution merging the Zakat Fund and the General Authority of Islamic Affairs and Awqaf into one entity, to be managed by a new board of directors.
“We have a great opportunity for the growth of the endowment sector and growing the sources of Zakat, and the new authority has a big responsibility to develop this sector,” Sheikh Mohammed said.
Naming firms that breach financial rules
Ministers also approved plans to publicly name companies that breach securities and commodities regulations and detail their offences.
“The goal is to raise investment awareness, and protect our financial markets, deter violators and ensure the protection of all investors,” Sheikh Mohammed tweeted.
The Cabinet also approved the establishment of the UAE Council for Environmental and Municipal Work, with the membership of all municipalities and some federal ministries.
The move aims to share expertise and suggest legislation and regulations that can upscale municipal work at the federal level.
The Emirates Council for Environmental Work has been established under the chairmanship of the Minister of Climate Change and Environment.
UAE pavilion at Floriade Expo 2022
The Cabinet has also adopted a decision regarding the UAE pavilion at Expo 2022 Floriad, which will be held in Amsterdam in the Netherlands.
It aims to introduce the country’s efforts to overcome the challenges of high temperature and water scarcity and preserve our biodiversity. This environmental exhibition is held every 10 years in the Netherland.