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FINANCIAL NEWS
UAE to set up USD2.7b fund to pay debts of low-income citizens
01 Dec 2011
(MENAFN) UAE’s state news agency WAM said that His Highness Sheikh Khalifa bin Zayed al-Nahayan, the President of teh country, gave his orders to establish a USD2.7 billion fund aimed at helping the poor to pay their debts, reported Arabian Business.
WAM added that the president also ordered the government to increase salaries of the country’s employees who work in the judiciary, health and education sectors in a move to celebrate the UAE’s National Day.
The agency also said that senior officials, including deputy ministers, would receive a salary raise of 35 percent, whereas mid-level federal government employees would receive a pay increase of 45 percent.
It is worth noting that UAE’s economy will be expected to expand by 4.2 percent in real terms in 2011, compared with 1.4 percent in 2010, due to higher oil prices, according to the National Bureau of Statistics.
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