The United Arab Emirates on Wednesday set up a 10 billion dirham ($2.7 billion) fund to help pay low-income citizens' debts and announced plans to raise wages of some state employees, which may support its economy but also increase the fiscal burden.
President Sheikh Khalifa bin Zayed al-Nahayan also ordered a doubling of salaries of some state employees in the judiciary, health and education sectors from January to mark the 40th anniversary of the founding of the UAE, state news agency WAM said. The UAE, a federation of seven emirates established in 1971 and one of the top five world oil exporters, has escaped unrest rocking the Middle East this year. It enjoys one of the world's highest per capita incomes of around $48,600.
"His Highness ... ordered the establishment of a 10 billion dirham fund that will take charge of studying and dealing with loans of low-income citizens, and to process settlements of personal loans due from them in co-ordination with the central bank and lender banks," the agency said.
Senior officials would receive a 35 percent pay increase, while a 45 percent pay rise would be given to mid-level federal government employees, WAM said. It did not say how many state employees will get the increases, what was the total amount of the wage package or how it will be financed.
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