The UAE Cabinet has adopted an unemployment insurance system, which aims to compensate insured workers with cash for a limited period in the event of unemployment, Sheikh Mohammed bin Rashid Al Maktoum revealed in a post on Twitter.

The Vice President and Prime Minister of the UAE, and the Ruler of Dubai revealed a sweeping set of new regulations, policies, and executive decisions, following a UAE Cabinet meeting at the Qasr Al Watan Palace in Abu Dhabi.

“The unemployment insurance system aims to enhance the competitiveness of the labour market, provide a social umbrella for its workers, and establish a stable work environment for all,” Sheikh Mohammed bin Rashid added on his Twitter post.

The cash amount for unemployed workers will be disbursed for a limited period until they find an alternative job.

The move aims to enhance the competitiveness of Emiratis in the labour market, while attracting the best international talent to the UAE labour market, the state-run news agency, Wam, reported.

Emiratisation in the private sector

The UAE Cabinet also approved a system to enhance the presence of national cadres in the private sector.

The authority has raised the Emiratisation rates 2 percent annually for skilled jobs in private sector establishments that have more than 50 employees.

This is expected to reach 10 percent by 2026, and will be implemented in cooperation with the Nafis programme and through financial benefits for enterprises to support the employment of UAE citizens.

New disbursement of housing loans for UAE nationals

The UAE Cabinet has also revealed “a new housing policy within its Zayed Housing Programme, which includes a new financing programme for housing loans worth $3.13 billion (AED 11.5 billion), benefiting 13,000 citizen families.

New governance system for public higher education

Sheikh Mohammed added: “We have also adopted a new system for the governance of public higher education institutions and our national universities … to provide them with greater flexibility and independence.”

The new system will set clear performance indicators for their work in a way that enhances the financial efficiency of these institutions, and will support them in achieving their educational goals, the UAE Vice President added.

Merger of Islamic Affairs authority and the Zakat Fund

Moreover, the UAE 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.

“We have a great opportunity for the growth of the endowment sector in the country and the development of Zakat resources. The new authority has a great mission to develop this sector,” Sheikh Mohammed bin Rashid said.

Emirates Council for Climate Action

In the environmental sector, the UAE Cabinet approved the formation of the Emirates Council for Climate Action headed by the UAE Minister of Climate Change and Environment, Mariam bint Mohammed Almheiri.

The council will also include the membership of relevant federal and local authorities.

Emirates Council for Environmental and Municipal Work

Additionally, the Emirates Council for Environmental and Municipal Work was established.

The council, which includes all municipalities in the country and a group of federal ministries as members, aims to enhance the exchange of experiences in order to propose regulations and legislation that raise the level of municipal work at the federal level.

Capital market and SCA regulations

The UAE Council of Ministers also passed a decision allowing the publication of the names of those who violate capital market regulations and the regulations of the Securities and Commodities Authority (SCA), while publishing the facts of these violations.

The decision aims to raise investment awareness, protect financial markets, deter violators, and ensure the protection of all investors.

UAE Pavilion at Expo 2022 Floriad

As one of the final key decisions taken at the UAE Cabinet meet, the Council of Ministers adopted a decision today regarding the UAE pavilion at Expo 2022 Floriad, which will be held in Amsterdam in the Netherlands.

The UAE Pavilion aims to highlight the UAE’s efforts to overcome the challenges of high temperature and water scarcity while preserving its biological diversity.

Source: Arabian Business