Cabinet holds meeting, approves 2008 budget

posted on 21/11/2007: 37 views

The UAE cabinet held at the Presidential Palace here Tuesday morning a meeting presided over by H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai. During the meeting, the cabinet approved the 2008 federal budget of Dh34.9 billion, which is an increase of Dh6.7 billion over the 2007 budget which stood at Dh23.8 billion. Cabinet sources said this year's budget is the biggest and has the highest increase rate in the history of the UAE federation.

In line with the directives of President H.H. Sheikh Khalifa bin Zayed Al Nahyan, the UAE Vice President has ordered a pay hike for federal government employees, including civilians and security personnel of the interior ministry. The pay hike of 70% of basic salaries takes effect from January 2008.Civilian and security personnel pensioners from the interior ministry will also enjoy the 70 percent salary increase also with effect from January 2008.

Sheikh Mohammed directed the ministry of finance and industry to quickly implement the order of the salary increase on the January 2008.

The cabinet, in line with the directives of H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, also approved the appointment of Sheikh Mansour bin Zayed Al Nahyan, Minister for Presidential Affairs as board chairman of the Emirates Investment Authority. It also approved the setting up of a UAE-Pakistan Joint Economic Committee, as well as the setting up of a mission each for Poland and Vietnam.

The cabinet also approved a number of issues, including the final statement of the Real Estate Bank, the convention on the prohibition of the development, production and stockpiling of bacteriological and toxin weapons, the setting up of a UAE-Czech Republic Joint Committee and the organisational structure of the ministry of finance and industry. The cabinet also reviewed a number of federal projects and federal laws and took the appropriate decisions on them. (Emirates News Agency, WAM)

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