ABU DHABI, 7th July, 2022 (WAM) — His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, chaired the UAE Cabinet meeting, which was held at Qasr Al Watan, Abu Dhabi.
The meeting was attended by H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance; H.H. Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior; H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Presidential Court.
His Highness Sheikh Mohammed bin Rashid Al Maktoum said, “I chaired today the Cabinet meeting held at Qasr Al Watan in Abu Dhabi. At the beginning of the meeting, we reviewed our economic results compared to the pre-pandemic period. The UAE non-oil exports grew by 47 percent, FDI flow increased by 16 percent, and the number of new registered companies increased by 126 percent. Our economy is growing.
“We approved housing loans for citizens worth AED2.4 billion for the next six months with 500 beneficiaries per month. Our goal is to complete 13,000 houses within the Zayed Housing Programme in the coming year. We will continue supporting citizens.
“Today, the Cabinet approved the rules of the sabbatical leave for citizens working in the government who wish to run their own business. The leave is for a full year with half of the salary while preserving the job. Our goal is to encourage our youth to take advantage of the huge economic opportunities offered by our national economy.
“Today, I witnessed the signing of performance agreements for a number of ministers. The agreements stipulate the completion of 36 transformational short cycles projects within six months to a maximum of 12 months. The projects aim at enabling ministries to respond to all changes quickly and with greater flexibility.
“I am pleased to award H.H. Sheikha Fatima bint Mubarak, Chairwoman of the General Women’s Union, President of the Supreme Council for Motherhood and Childhood, and Supreme Chairwoman of the Family Development Foundation with the ‘Best Personality Supporting Gender Balance’ . Sheikha Fatima paid exceptional efforts to support Emirati women. She is a regional and global role model,” His Highness Sheikh Mohammed bin Rashid Al Maktoum concluded.
Outcomes of the COVID-19 recovery plan
The Cabinet meeting reviewed the outcomes of the COVID-19 recovery plan (2020-2021), which included developing and implementing of 33 initiatives in partnership with federal and local entities. The initiatives had a 100 percent success rate in empowering the economy, developing sectors and opening new markets.
The outcomes of the report showed that the real gross domestic product (GDP) was 3.8 percent in 2021, exceeding the estimates of international institutions by 1.7 percent, whereas the non-oil GDP reached 5.3 percent in the same year.
Data shows that the UAE non-oil exports grew by 47 percent, the FDI flow increased by 16 percent, the number of new registered companies increased by 126 percent, and the revenues associated to economic movement increased by 19 percent.
Housing loans worth AED2.4 billion
The Cabinet approved housing loans for citizens worth AED2.4 billion for the next six months with 500 beneficiaries per month. The move comes as a part of new Hosing Laon Policy. The target of the current year is 3,000 housing loans beneficiaries.
Sabbatical leave for citizens
The Cabinet approved the rules and conditions for granting the citizen employee working in the federal government a “sabbatical leave”, where the employee may be granted an exceptional leave to establish or manage any of the private projects he owns, provided that the purpose of the leave is to establish an economic project in the private sector or manage an existing project or participating with others.
The employee should have the necessary approvals from the competent authorities.
UAE framework for culture and creative industries statistics
The Cabinet approved the UAE framework for culture and creative industries statistics, which will serve as national database.
The framework enhances the position of the UAE in the competitiveness reports, and provides comprehensive and accurate data at the federal level enabling the monitoring of the cultural and creative industries sector.
It will also provide accurate data for talents, entrepreneurs, investors, and academic institutions in the sector.
Data shows that cultural and creative industries contributed 3.5 percent to the GDP amounting AED54.4 billion and 5 percent of the non-oil GDP. The number of establishments operating in the sector jumped to 36,000.
Financial and tax system
The Cabinet approved a number of amendments on tax regulations that aim at enhancing business and investment environment.
The Cabinet approved the amendment of the Federal Decree on Tax Procedures with the aim of creating an approximation and coordination with corporate tax law.
His Highness Sheikh Mohammed bin Rashid Al Maktoum honoured the winners of the federal government’s Gender Balance Index in its 4th round of 2022 in three categories: Best Personality Supporting Gender Balance, Best Federal Authority Supporting Gender Balance, and the Best Gender Balance Initiative.
H.H. Sheikha Fatima bint Mubarak, Chairwoman of the General Women’s Union, President of the Supreme Council for Motherhood and Childhood, and Supreme Chairwoman of the Family Development Foundation, the “Mother of the Nation”, was honoured as the ‘Best Personality Supporting Gender Balance’, the award was received by H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Presidential Court.
The Ministry of Culture and Youth received the award in the category of ‘Best Government Entity Supporting Gender Balance’ at a ministerial level. The award was received by Noura bint Mohammed Al Kaabi, Minister of Culture and Youth.
The category of ‘Best Federal Entity Supporting Gender Balance’ at an institutional level was awarded to The Federal Authority for Identity, Citizenship, Customs and Ports Security and received by its chairman Ali Mohammed bin Hammad Al Shamsi.
The ‘Best Initiative Supporting Gender Balance’ was awarded to The Ministry of Community Development for its “AlSanaa” initiative and was received by Hessa bint Essa Buhumaid, Minister of Community Development.