UAE Announces New Housing Policies, Loans for Citizens
Sheikh Mohammed bin Rashid Al Maktoum, Prime Minister of the UAE and Ruler of Dubai, presided over a UAE Cabinet meeting at Qasr Al Watan in Abu Dhabi.
The meeting was attended by Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Chairman of the Presidential Court; Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance; and Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior.
واعتمدنا اليوم في اجتماع مجلس الوزراء قراراً بتنظيم تصدير الأحياء المائية خارج الدولة بما يحقق الفائدة الاقتصادية للصيادين في التصرف في الكميات الفائضة وإيجاد منافذ بيع جديدة لهم .. وأقررنا أيضا سياسة جديدة لإدارة المواد القابلة لإعادة التدوير في الدولة بما يضمن استفادة القطاع… pic.twitter.com/KI4xOHKxDl
— HH Sheikh Mohammed (@HHShkMohd) October 30, 2023
Housing policies and flexible loans
During the meeting, the Cabinet approved new housing policies that grant UAE citizens the flexibility to replace or resell their homes and transfer mortgages.
This policy shift aims to enhance the housing options available to citizens and support their real estate needs.
#مجلس_الوزراء برئاسة محمد بن راشد يعتمد أجندة الاجتماعات السنوية لحكومة الإمارات والتي ستعقد في السابع من نوفمبر القادم ومجموعة من المبادرات والسياسات الحكومية#UAEGOV pic.twitter.com/imJsThEFSD
— UAEGOV (@UAEmediaoffice) October 30, 2023
Additionally, the Cabinet approved a decision that allows for more flexibility in reducing the value of house financing, also known as a “flexible loan.”
This approach takes into account the financial capacity of the beneficiaries and allows them to revisit the financing terms within a specified timeframe.
Establishment of the Emirates Drug Establishment
One of the most significant outcomes of this Cabinet meeting was the establishment of the Emirates Drug Establishment.
This federal decree law aims to boost the UAE’s standing as a global hub for the pharmaceutical and medical industries.
ترأست اليوم اجتماعاً لمجلس الوزراء بقصر الوطن بالعاصمة أبوظبي أقررنا خلاله أجندة الاجتماعات السنوية لحكومة الإمارات والتي تضم الوزارات والهيئات الاتحادية والمجالس التنفيذية والدوائر المحلية وأهم 500 شخصية حكومية في الدولة والتي ستعقد في السابع من نوفمبر القادم.
— HH Sheikh Mohammed (@HHShkMohd) October 30, 2023
الاجتماعات… pic.twitter.com/ZqGlf7tI20
It focuses on promoting research and development in these sectors, providing an attractive environment for pharmaceutical investments.
The Board of Directors of the UAE Drug Corporation is to be chaired by Dr. Thani bin Ahmed Al Zeyoudi, with Dr. Maha Barakat as the Vice Chairperson.
The establishment will play a pivotal role in regulating and licencing various medical and pharmaceutical products, including pharmaceuticals, healthcare products, biologics, medical devices, and more.
It will also oversee the implementation of a national system for tracking and monitoring medical products from the factory to the consumer.
Export of aquaculture and recyclable materials management
The Cabinet also approved regulations governing the export of aquaculture, outlining permitted categories for export and associated controls.
Moreover, the Cabinet gave the green light to the UAE policy for integrated management of recyclable materials.
This policy includes rules governing the licencing of facilities involved in collecting, recycling, and exporting recyclable materials.
The list of recyclable materials now encompasses used tyres, electronic waste, plastic waste, used cooking oils, and aluminium dross.
Amendments to public health, agricultural, and veterinary laws
A series of changes to several federal laws were approved, including the federal decree on public health.
This move designates the Ministry of Health and Prevention as responsible for setting the controls and conditions ensuring full access to healthcare services in the country.
Moreover, the amendments aim to define common diseases transmitted from animals to humans and to establish mechanisms for preventing infectious diseases.
Additionally, the Cabinet approved amendments to the Agricultural Quarantine Law, which governs the import, export, or transit of agricultural shipments.
The goal is to strengthen the UAE’s biosecurity, reduce biological risks, protect agricultural wealth, and minimise the impact of pesticides on the environment.
Moreover, changes to the Veterinary Quarantine Law outline conditions for the import of animals and the responsibilities of animal carriers, as well as controls on the international trade of endangered species of wild fauna and flora.
Educational policies and initiatives
The Cabinet also delved into the education sector by approving the Education Professional Licence Policy at the Emirates Schools Establishment.
This policy is designed to elevate the quality of education in public institutions across the UAE.
It includes a framework for implementing the Education Professional Licence, which includes guidance on recruitment, training, and promotion procedures.
International agreements and collaboration
The UAE Cabinet has displayed its commitment to international cooperation by approving agreements with the Islamic Republic of Iran regarding air services and with the Secretariat General of the Gulf Cooperation Council to host the headquarters of the Gulf Academy for Strategic and Security Studies.
Additionally, the Cabinet has agreed to host the European Bank for Reconstruction and Development (EBRD) 2026 Annual Meeting and Business Forum.
This gesture reflects the UAE’s dedication to facilitating international events and discussions on economic development and cooperation.
