Our economy is good and growing..and our path is growing

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His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, may God protect him, led the cabinet meeting.

Held at Qasr Al Watan in the capital Abu Dhabi, in the presence of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Governor of Dubai, Deputy Prime Minister and Minister of Finance, and Lieutenant General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior, and His Highness Sheikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Presidential Court.

His Highness Sheikh Mohammed bin Rashid Al Maktoum wrote on his official Twitter account yesterday: “I chaired a cabinet meeting today at Qasr Al Watan in Abu Dhabi … At the beginning we reviewed our economic results, compared to before the pandemic … 47% growth of our non-oil exports 16% growth in foreign investment .. 126% growth in new companies registered in the state .. Our economy is good and growing .. and our path is on the rise, Praise be to God.

His Highness added: “During the meeting, we decided to approve housing loans for citizens, worth 2.4 billion dirhams, over the next six months, with 500 beneficiaries per month. Our goal is to get 13,000 houses from the Complete Zayed housing program in the coming years.

His Highness added: We have decided, within the Council, a full-time leave for citizens working in the government, who want to run their own business. The leave is for a full year with half the salary, while she jobs are maintained .. Our goal is to encourage our youth to take advantage of the great commercial opportunities that our national economy offers.

The results of the economic plan to recover from “Corona”

During its session, the Council of Ministers was briefed on the results of the national economic plan for recovery and economic progress of the repercussions of the emerging “Corona” virus (2020-2021).

Which included 33 initiatives, designed and implemented in partnership between local and federal authorities, and the percentage completion in the various initiatives that took place in three phases reached 100%, and the focus areas of the initiatives included:

Empowering the new economy, developing priority sectors, opening new markets locally and internationally, providing financial support, facilitating loans, stimulating tourism, attracting and acquiring talent, and stimulating innovation.

According to the results, the main indicator of economic growth reflected the growth of GDP in 2021 by 3.8%, which exceeded the estimates of international institutions by 1.7%, which estimated its growth by 2.1%, while the growth in non-oil GDP reached 5.3% for the year 2021.

According to the results of the sub-indicators of economic growth, the proportion of foreign direct investment inflows increased by 16% in 2021, compared to 2019, the growth rate of non-oil exports to the country by 47%, the growth rate of new companies registered in the country with 126%, and the growth rate of income Related to economic movement 19%.

Home loans worth 2.4 billion dirhams

During its session, the Council of Ministers approved housing loans to citizens worth 2.4 billion dirhams, over the next six months, at 500 beneficiaries per month, within the framework of the new policy for home loans, recently approved by the Council During the current year 2022, 3,000 beneficiaries of home loans will be targeted.

Rules for granting sabbatical leave for self-employment

Cabinet also approved the controls and conditions for granting a civilian employee in the federal government a “sabbatical for self-employment”, as an accrued leave from the leave to which the employee is entitled, based on the best international practices in this framework.

The controls and conditions approved by the Board include that the civil servant grant an extraordinary leave to establish or manage any of the private projects owned by him, by the head of the federal entity or his authorized representative representative, provided that the purpose of the leave is to establish the employee for his economic project in the private sector, or to manage an Existing project, or to participate with others in the establishment of an economic project.

And that the approval of the employer, and the necessary licenses for his economic project, is obtained from the competent authorities in the country, and the leave is granted to the employee, based on the availability of the approved conditions and controls, and according to what the employer decides, as required by his interest.

Economic statistical framework for the cultural and creative industries

During its session, the Cabinet also approved the economic statistical framework for the cultural and creative industries and instructed all parties to work on an annual basis to employ it, and to monitor its implementation, to ensure economic follow-up indicators, and to ensure their sustainable development.

Working with the economic statistical framework for cultural and creative industries increases the state’s position in competitiveness reports, and provides data and statistical information at state level, as a unified system, characterized by comprehensiveness and accuracy, which clearly follows the cultural and creative industries sector, whether for creators or entrepreneurs in the sector, or pioneers Business investors, and academic institutions.

And companies with their different classifications, which are positively reflected on the growth of their business, in addition to measuring the contribution to the GDP of the cultural and creative industries sector in the national economy. This framework also contributes to the provision of national data, which can be used to support the sector to attract talent, great investment opportunities, and improve performance The economic sector of the cultural and creative industries.

According to statistics, the contribution of the cultural and creative industries to the total output amounted to 3.5%, equivalent to 54.4 billion dirhams, which is also equivalent to 5% of the total non-oil product, while the number of small and medium enterprises covered by this sector is more than 36 thousand. facility.

Increase the efficiency of the financial and tax system

In legislative matters: The Council approved the issuance of several amendments to tax laws, which coincided with the enactment of the Corporate and Business Tax Act, the facilitation of doing business, and the improvement of the state’s position in various indicators of global competitiveness, and the amendment of some approved. provisions of the Tax Procedures Act.

So that the basic provisions of force in the law are retained, with some amendments, and the addition of new articles to comply with the corporate and business tax law, in order to ensure the success of the tax system, increase its effectiveness and improve transparency processes, within the framework of practices to preserve public money, in order to achieve a sustainable economy.

The Council also approved the amendment of some provisions of the Excise Tax Act, aimed at reducing the consumption of goods that are harmful to human health or the environment, in order to ensure that the level of quality implementation of the selective tax policy increases be, encourage business owners to comply with taxes, and improve the country’s position in the ease of practice index business, and attract investment.

It also approved the amendment of some provisions of the Value Added Tax Act, in accordance with the United Value Added Tax Agreement for the countries of the Gulf Arab States Cooperation Council and operated by donors.

Where the resolution supports and encourages the practice of charitable and social work, and provides for the more effective exploitation of financial resources, and their disbursement in other charitable and humanitarian works.

The Council issued a decision on the criteria used to determine the tax domicile of an individual from one country to another, to benefit from the double tax avoidance agreements, and the tax benefits that these agreements provide for individuals, private companies and state institutions provide.

Council agenda

Review of the results of the economic plan for recovery and economic progress of the effects of the emerging “Corona” virus

Adoption of control measures for granting sabbatical leave for self-employment to employees in the federal government

Acceptance of the economic statistical framework for the cultural and creative industries

Council approved the issuance of several amendments to tax laws

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