UAE to allocate 40% of banking jobs to citizens: Central Bank governor

      Published on Tuesday, 5 November , 2019      198 Views     
UAE to allocate 40% of banking jobs to citizens: Central Bank governor


The United Arab Emirates is set to increase the employment of nationals in the banking sector as the central bank ‘closely monitors’ the banks’ hiring of Emiratis, the governor said.

“The latest data indicated that 26.1 percent of the banking workforce are Emiratis and we believe that this flourshing sector can embrace more Emiratis and we are aiming to achieve at least 40 percent in the coming 3 years,” Mubarak Rashid Al- Mansouri told the Middle East Banking Forum in Abu Dhabi.



“We are closely monitoring the progress of banks and their initiatives towards Emiritisation and I stress that some entities need to accelerate hiring Emiratis and developing them,” he added.

Al Mansouri said that the nationalization targets in the banking sector will be achieved through applying the ‘points system’ to reach a reasonable distribution of local employees among the country’s banks based on their size.

The ‘points system’ also considers the role of Emiratis within the organization’s hierarchy. By the end of 2019, the target points to be reached are 29,736 points and banks have so far scored 28,050 points, according to the governor.

Earlier in September this year, the UAE launched a 300 million UAE dirhams fund to train 18,000 graduates to enter the workforce, and a part of revenues from value-added-tax (VAT) has been allocated to train and employ 8,000 Emiratis.

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai also pledged to provide 20,000 jobs for citizens over the next three years. 

The UAE faces less pressure than its Gulf peers to implement labour force nationalization policies, considering that it is relatively wealthier, has more fiscal flexibility and smaller youth population, according to Fitch Solutions



 

Keywords:
Category Business | 2019/11/05 latest update at 7:42 PM
Source : Zawya | Photocredit : Google
199 Views
Comments Add comment



Gulf Media

Related Articles

The editorial staff of Dubai Today would like to give all of its readers from Gulf and Dubai and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Dubai Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Dubai, the Gulf and the world.


Dubai ruler appoints Emirates chairman to oversee Dubai Holding, Meraas Business

Dubai ruler appoints Emirates chairman to oversee Dubai Holding, Meraas

Dubai’s ruler Sheikh Mohammed bin Rashid al-Maktoum has appointed the chairman of Emirates airline to temporarily oversee his…

Sheikh Mohammed Bin Rashid posted Diwali wishes for UAE residents Dubai News

Sheikh Mohammed Bin Rashid posted Diwali wishes for UAE residents

His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler…

Sheikh Mohammed congratulates Kuwait Amir on safe return Emir

Sheikh Mohammed congratulates Kuwait Amir on safe return

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice president and Prime Minister of UAE and Ruler of…

Mohammed bin Rashid offers condolences to Saudi King Emir

Mohammed bin Rashid offers condolences to Saudi King

Vice President, Prime Minister of the UAE and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al…

GULF TV

Popular in GULF TV

Freelancing in the UAE region

2648 Views

The global freelancing market is set to grow $20bn by 2020. Where does the market stand here in…

Latest videos in GULF TV

Events

Lifestyle

Culture

Sport

Science & Technology

Government