Abu Dhabi: Pensioners and retired employees of Abu Dhabi will have no worries about the future of their fund following the injection of Dh4.813 billion approved on Wednesday by the Executive Council of the Emirate of Abu Dhabi.
The decision was adopted to support the Abu Dhabi Retirement Pensions and Benefits Fund and to enable it to meet its additional financial liabilities.
Chaired by Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces, and Chairman of Executive Council of Abu Dhabi, The Executive Council also discussed measures to help settle the financial shortfall resulting from the recent increase in salaries and pensions.
“The Abu Dhabi Retirement Pensions and Benefits Fund’s resources is based on long-term investment strategies that ensure timely delivery of pensions and retirement compensation to its beneficiaries, according to a statement released at the end of the council’s meeting which was held at the Crown Prince’s Court.
“We have a firm belief that a leading position for our emirate and nation can only be achieved in association with an appropriate addressing of national issues and aspirations as a basic theme of our development plans”, said Shaikh Mohammad.
Shaikh Mohammad said: “The provision of well-being standards and social welfare for all nationals is a key priority and a focus of our overall state’s strategy in line with the guidelines of President His Highness Shaikh Khalifah Bin Zayed Al Nahyan.”
Shaikh Mohammad reiterated: “In this regard, our wise leadership will make every effort to provide integrated development and welfare for our future generations in the educational, medical and social fields that reflect favourably on our country’s development.”
During the meeting which was also attended by Shaikh Hazza Bin Zayed Al Nahyan, National Security Adviser and Vice-Chairman of the Executive Council, the council approved a series of infrastructure projects, economic, social and human development sectors and social security initiatives.
Industrial Development Bureau
The council approved to establish an Industrial Development Bureau in Abu Dhabi to be in charge of coordinating and controlling the application of industrial strategy, monitoring the industrial sector’s performance, facilitating economic development, implementing and promoting sector- related policies, plans and programs, and managing the master land development blueprint for industrial areas in the emirate.
The Bureau aims to facilitate business and increase competitiveness and comparative advantage across the industrial sector amongst stakeholders and third parties, especially investors by streamlining and improving government requirements and processes, by providing a single point of contact for all services, information and requests, and saving time currently consumed in these processes.
Scholarship numbers to be increased for UAE national students
The Executive Council approved the development of a scholarship and academic delegations administration system by the Abu Dhabi Education Council (ADEC) to will ensure the appropriate organization and management of academic delegations and study leave both inside the country and abroad.
ADEC will recommend a general policy for academic delegations, study leave, regulations and resolutions, identifying designated countries and higher education academic institutions and required specializations, terms and conditions required for applicants, funding and compensation, reviewing academic reports for selected students, and other matters related to regulating work in this regard.
The scholarship policy adopted by the Abu Dhabi Government seeks to promote UAE national capacities through the provision of international standard higher education, and developing local capabilities in alignment with current and anticipated labor market demands.
The Executive Council also approved an additional budget of Dhs197 million over the next four years to increase the number of students who could potentially benefit from scholarships.
Establishment of new vocational secondary schools in the UAE
The Executive Council approved the establishment of a number of vocational secondary schools for males and females throughout the country in line with the government’s plans and vision to consolidate the labour market with national technical skills.
According to the Executive Council, these schools aim to promote a high standard of vocational training and to leverage national capabilities in alignment with academic specializations.
The technical secondary schools typically include a number of specialisations which are aligned with current and anticipated labor market needs, and they provide opportunities for students to subsequently pursue careers in disciplines such as mechanical engineering, electronic engineering, aircraft overhaul, supply chain management, logistics, finance and accounting.
There are currently four technical secondary schools across the UAE, one each in Abu Dhabi, Al Ain, Ras Al Khaimah and Al Fujairah. Five more will be built during the current year in Abu Dhabi, Al Ain, Al Mirfaa and Ajman. The total number of students enrolled will increase to 2000.
The Abu Dhabi Centre for Technical and Vocational Education and Training is responsible for the development of the technical education sector in Abu Dhabi by laying out the policies and standards that regulate education within occupational and technical institutions.
Development of Al Mirfa power and water desalination plant
The Executive Council also reviewed the Al Mirfa power production and water desalination plant development project as part of the government’s plans to ensure that the growing demands for power and water are met.
The plant’s development process complies fully with international environmental standards and cost of production targets, while increasing power production capacity to1500 MW of electricity, and desalination capacity to53 million gallons of water.
Etihad Rail Project Stage I
The Executive Council, the major shareholder of the Etihad Rail Company, approved authorization for the company to secure funding for the first stage of the railway project in Abu Dhabi.
The first stage of the Etihad Rail project involves the establishment of a 270 kilometer long freight line connecting the Shah, Habshan and Al Ruwais areas that will be constructed in two phases due to be completed by 2013 and 2014 respectively.
The second stage of the railway project will connect Abu Dhabi and Dubai up to the boundaries of Saudi Arabia and the Sultanate of Oman respectively, and the third stage will connect Dubai, Sharjah, Ajman, Umm Al Quwain, Ras Al Khaimah and Al Fujairah.
The total cost of the 1200 km Etihad Rail project is estimated to be Dhs 40 billion, and is expected to be completed by the end of 2018 at the same time as the GCC Rail project.
The project will have multiple additional benefits that include contributing to the development of small communities by connecting them with the main cities, increasing passenger traffic by land transport, promoting trade within the GCC, limiting the environmental impact produced by transport vehicles by reducing carbon emission by up to 80 per cent, reducing traffic congestion, road maintenance costs and road traffic accidents.
Public Parking Management
The Executive Council reviewed the “Public Parking Management” project in Abu Dhabi which was submitted by the Department of Transport with the aim to organize parking, to ensure full utilization of available facilities, and to further increase their overall efficiency.
The project provides a number of services, including the management and operation of surface and multi-story public parking, the establishment of electronic parking management systems, and the provision of customer services through a Call Center and Customer Service centres.
