GPSSA board of Directors approves 2002 final budget

The Board of Directors approved the financial status for the year concluding December 2002, with money contributions up to AED 4.9 billion in comparison to AED 3.2 billion in 2001.

During the meeting, Mr. Sultan Al Ghaith, GPSSA General Manager, noted that the net operating capital of investment activities reached AED 2.3 billion by the end of 2002, while return on investment in the same year exceeded AED 115 million. He also added that the total retirement payments (pensions, end of service reward, compensations) reached up to AED 257 million in 2002 in comparison to AED 174 million in 2001.

The Board also approved some suggested investment regulations and guidelines to investing the GPSSA cash surplus. " The priority is to invest not less than 50% of the authority's total investments in the UAE and GCC countries." Al Ghaith said. " The management and investment of the authority's money, aims mainly to support the national economy by engaging in risk-free investments according to the directives of the Board of Directors, as well as to ensure instant payments to the beneficiaries" he added.

The Board selected and approved a design for the new GPSSA headquarters, which will be built on land allocated by the government of Abu Dhabi. The Emirates Real Estate Corporation will execute the project to build the GPSSA Headquarters, for which AED 25 million has been allocated.