UAE Central Bank approves creation of 5,000 jobs for Emiratis by 2026

The board of directors at the Central Bank of the UAE (CBUAE) on Wednesday approved a new Emiratisation plan for managerial positions in the banking and insurance sectors in the UAE.

Accordingly, it approved creation of 5,000 new jobs by the end of 2026, in coordination with the Emirates Institute for Banking and Financial Studies and the Emirati Talent Competitiveness Council, according to news agency WAM.

The meeting of the CBUAE board was held at Qasr Al Watan and was chaired by Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.

The directive to create the 5,000 jobs for Emiratis in the country’s insurance and banking sector comes days after Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, held a cabinet meeting that emphasized the country’s Emiratisation goals.

“We approved a new policy for the private sector companies, in order to support Emiratisation goals and plans, provides additional incentives for companies supporting Emiratisation, and consolidates the partnership between the government and the private sector in this field. Citizens will remain the priority and the government will support them continuously in housing, development, education and economic and labor opportunities. The Government role is to establish a balance between our rapid economic growth and providing a better life for our citizens,” said Sheikh Mohammed.

Meanwhile, at the CBUAE meeting on Wednesday, Sheikh Mansour was also briefed on the progress of the implementation of plans, in line with the country’s plans around digital inclusion and the green financial system.

The board also approved an amendment to the bank’s notifications regarding maximum fee limits and commissions imposed on licensed financial institutions and agreed to amend the scope of work of the bank’s “Banking Risk Centre” regarding the bounced cheque system.

Starting January 2 this year, amendments to the provision regarding cheques took effect in the country whereby the government decided to decriminalize incidents related to bounced cheques. The scope for criminalisation of returned cheques due to insufficient funds has been narrowed and confined to cases of bad faith and other cheque crimes.

Read: UAE’s amended law on the decriminalisation of bounced cheques to take effect in Jan 2022