New private sector policy approved; companies to get incentives to support emiratization

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He added: “We approved the formation of the ‘Emirates Council for Balanced Development’ chaired by Sheikh Theyab bin Mohamed bin Zayed Al Nahyan. The purpose of the council is to develop plans, implement projects and to build partnerships between government and the private sector. It aims to develop the regions of the United Arab Emirates, providing opportunities for citizens and a better future for children. I am optimistic about Theyab bin Mohammed and the energy of young people .

Sheikh Mohammed said, “Today we approved a new policy for private sector companies, to support the goals and plans of emiratization, provide additional incentives for companies supporting emiratization and consolidate the partnership between government and the private sector in this area”.

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

“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 Council of Ministers approved a new housing loan program policy, according to a mechanism that guarantees the coverage of all expected applications for the coming years, in order to reduce the waiting period.

The Cabinet approved a new classification policy for private sector enterprises, according to a specific mechanism that enhances the flexibility and competitiveness of the labor market and continuously supports the country’s growing economic system.

The Cabinet also adopted a decision to update the conditions and controls for the 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 regarding 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 benefits for employment and reducing the financial burden of many establishments, in order to improve the UAE’s global competitiveness in the area of ​​labor rights protection. .

The meeting approved a resolution to form the Emirates Council for Balanced Development, chaired by His Highness Sheikh ? Theyab bin Mohamed bin Zayed Al Nahyan, President of the Court of the Crown Prince of Abu Dhabi and Member of the Executive Council of Abu Dhabi. 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 engineer Shadi Malak, managing director of Etihad Railway.

As part of improving and attracting additional investment in the healthcare sector, the UAE Cabinet has approved an amendment to the Federal Law on Medical Products, Pharmacies, the Profession of Pharmacists and pharmaceutical facilities in order to support the competitiveness of the sector globally and expand the scope and areas of work of pharmaceutical companies in the UAE.

During the meeting, the UAE Cabinet adopted an Emirati ecosystem to promote the principles of tolerance and coexistence in the working environments of all public and private sector institutions. This involves setting up an institutional ecosystem, with unique normative specifications, in order to define appropriate frameworks for adopting and benefiting from these concepts.

The UAE Cabinet has adopted a series of Emirati technical regulations in several production and service sectors, aiming to unify legislations and specifications with the GCC and different countries around the world.

The Cabinet also approved a decision on the Executive Regulation of the Federal Law on Rules and Certificates of Origin, the Executive Regulation of the Federal Trademark Law, the Executive Regulation 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. .

On the international affairs front, the cabinet approved the decision to establish an embassy to the Kyrgyz Republic in the city of Bishkek, and to adhere to the “Glasgow Leaders’ Declaration on Forests and Land Use” and to the “Global Methane Pledge”.

The Cabinet also approved a number of agreements, including a Memorandum of Understanding (MoU) with the Iraqi government to protect and encourage investment; a Memorandum of Understanding with the Government of Jersey to enhance and protect investments; a memorandum of understanding between the government of the United Arab Emirates and the government of the Democratic Republic of Congo on the avoidance of double taxation and the prevention of financial evasion with respect to income taxes; a memorandum of understanding with Belgium concerning the modalities of extradition; Memoranda of Understanding with the entire Dutch government, the Brazilian government and the Albanian government on security and counterterrorism.

©Copyright Emirates News Agency (WAM) 2022.

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