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Sheikh Mohammed bin Rashid Al Maktoum, prime minister and vice president of the United Arab Emirates (UAE) and ruler of Dubai, launched the Dubai Retiree Projects Support program on Wednesday under the theme of "Family: The Foundation of Our Nation."

With this program, Emirati retirees will receive benefits and incentives and get priority when getting assigned to government projects, financing for future projects, exemption from service fees for five years and consultation support for projects to ensure optimal returns.

The Memorandum of Understanding (MoU) for the launch was signed by Lieutenant General Abdullah Khalifa Al Marri, commander-in-chief of Dubai Police and member of the Higher Committee for Development and Citizens Affairs in Dubai, and Helal Saeed Al Marri, director-general of the Dubai Department of Economy and Tourism.

This agreement will also ensure the mental, social and financial stability of both retirees as well as employees who are close to their retirement.

Al Marri explained that the program aims to dedicate all available resources to improve the quality of life of Dubai locals.

"The program reflects the respect and value we hold for retirees and those nearing retirement. It reflects our trust in their capabilities, their wealth of experience and the significant, positive influence they have within the business community," Al Marri said, as per WAM.

"The new program turns the expertise and knowledge gained by retirees into investment and development opportunities that support the sustainability of Dubai's economy while bolstering innovation and diversity," he added.

The Dubai Police commander-in-chief also said the program will contribute to Dubai Economic Agenda D33 and Dubai Social Agenda 33, explaining that both are vital for small and medium enterprises (SMEs) and their role in economic diversification and growth.

According to Al Marri, Dubai's Department of Economy and Tourism is determined to support small and medium-sized businesses, as they play an important role in establishing Dubai as a global hub for business, tourism, entrepreneurship and the digital economy.

"SMEs represent a crucial driver of comprehensive and sustainable development. Encouraging retirees to engage in the field of entrepreneurship will help us utilize their long years of experience to support economic sustainability and social stability," he added.