Emarat capital raised to Dh9bn

The Federal Cabinet raised on Tuesday the capital of Emirates General Petroleum Corporation (Emarat) to Dh9 billion from Dh6 billion and endorsed budget of the Sheikh Zayed Housing programme for 2011 at Dh1.3 billion.

At a meeting on Tuesday chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum,Vice-President and Prime Minister of the UAE and Ruler of Dubai, the cabinet also approved additional allocations of Dh540 million in the federal budget of which Dh105 million will go to the Ministry of Health and Dh150 million for federal universities to enable them provide seats for all Emiarti admitants.

Sheikh Mohammed stressed on the importance of a balanced financial performance in the federal budget and channelling of all government financial resources to better serve the interest of the country and its citizens by securing means of decent living and societal stability.

The meeting, which took place at the Presidential Palace in the attendance of Lt.General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior, and Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, gave its nod for the Optional Retirement Programme for Emirati employees at government entities who have completed 30 or more years of service as per the federal pension and social security law.

Additionally, the federal government will bear the value of monthly subscription in the security pension, which includes the stake of the subscriber plus the government stake for the disparity of years required to complete the pension age bracket of 35 years.

The government also gave instructions for drafting a federal law regarding competition and another bill for reviewing provisions of federal law 6 of 2007 regarding the establishment of the Federal Insurance Authority and its mandate.

During the meeting, the Cabinet gave its green light for the National Media Council Strategy plan 2011-2013 under the chairmanship of Sheikh Hamdan bin Mubarak Al Nahyan, Minister of Public Works.

A proposed mechanism for organisation and governance of boards of public corporations and a federal draft law regarding welfare of children with unknown parents were also approved.

Upon its debate on foreign policy issues, the Cabinet endorsed a set of accords including air traffic service agreements the UAE government has signed with governments of Benin, Luxembourg and Montenegro.

The Cabinet also gave its nod for an agreement the UAE has inked with Cyprus on avoidance of double taxation and prevention of tax evasion and another one with Azerbaijan on cooperation and mutual assistance in customs matters.

The meeting also endorsed the UAE accession to the Convention on the Privileges and Immunities of the United Nations adopted in 1946, Convention on the Privileges and Immunity of the UN Specialised Agencies adopted in 1947. The Cabinet also welcomed the membership of the National Transport Authority (NTA) to the International Union of Railways (UIC).

Follow Emirates 24|7 on Google News.