Cabinet approves incentives for Emiratisation

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The cabinet approved a new policy for the private sector companies in order to support Emiratization goals and plans…reports Asian Lite News

Chaired by Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, the UAE Cabinet meeting adopted a number of initiatives and legislations aimed at further developing government work.

The cabinet approved a new policy for the private sector companies in order to support Emiratization goals and plans.

“It provides additional incentives for companies supporting Emiratization, and consolidates the partnership between the government and the private sector in this field,” Sheikh Mohammed said.

He affirmed, “Citizens will remain the priority and the government will support them continuously in housing, development, education and economic and labor opportunities. The Government role is to establish a balance between our rapid economic growth and providing a better life for our citizens.

The cabinet also adopted a housing loans budget of AED 12 billion for Sheikh Zayed Housing Programme during the coming years. “The aim is to fulfil accumulated and expected requests and reduce the waiting period during the coming years,” Sheikh Mohammed said.

He added, “We approved the formation of the “Emirates Council for Balanced Development” chaired by Sheikh Theyab bin Mohamed bin Zayed Al Nahyan. The council goal is to develop plans, implement projects, and build government-private partnerships. It aims to develop the UAE’s regions, providing opportunities for citizens and a better future for children. I am optimistic about Theyab bin Mohammed and the youth’s energy.”

“Today at the Cabinet meeting, we also approved a number of international economic, security and environmental agreements and an institutional ecosystem to promote tolerance and coexistence.”

The Cabinet approved a new policy of housing loans programme, according to a mechanism that ensures covering all expected requests for the coming years, in order to reduce the waiting period.

The Cabinet approved a new policy for the classification of businesses in the private sector, according to a specific mechanism that enhance the flexibility and competitiveness of the labor market and continuously supporting the growing economic system in the country.

The Cabinet also adopted a decision to update the conditions and controls for classifying the occupational levels of employment in the labor market, to enhance 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) issued by the International Labor Organisation.

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The Cabinet approved a decision regarding providing protection for labor rights in the UAE’s labor market. It aims to ensure developing integrated system for alternatives to employment insurance, contributing in protecting labor rights, providing more feasible benefits for employment and reducing the financial burden on many establishments, in order to enhance the UAE’s global competitiveness in the field of protecting workers’ rights.

The meeting approved a resolution to form the Emirates Council for Balanced Development, chaired by Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Chairman of the Abu Dhabi Crown Prince’s Court and member of the Abu Dhabi Executive Council. The Council will oversee the management of projects, coordinating with relevant ministries and local authorities on regions development plans, following up the implementation of initiatives, and approving the proposed areas of partnership with the private sector, especially national companies.

As part of enhancing and attracting more investments in the health sector, the UAE Cabinet approved a change in the Federal Law on Medical Products, Pharmacies, the Profession of Pharmacy, and pharmaceutical facilities to support the competitiveness of the sector worldwide, and expanding the scope and areas of work of pharmaceutical companies in the UAE.