In UAE 40% of banking jobs were allocated to citizens: As stated by Central Bank Governor
The United Arab Emirates is expected to increase the employability of nationals in the banking system as the central bank ‘ carefully monitors ‘ the Emiratis hiring of banks, the governor replied.
“The recent data shows that 26.1 percent of the banking sector is Emirates, and we agree that this flour sector will accept more Emirates, and we are hoping to reach at least 40 percent in the next 3 years,” Mubarak Rashid Al-Mansouri informed the Middle East Banking Summit in Abu Dhabi.
“We are closely watching the development of banks and their steps towards emiritisation, and I emphasize that some organizations need to accelerate the recruitment and growth of Emiratis,” he continued.
Al Mansouri said the privatization goals in the financial sector would be accomplished by implementing the ‘ points system ‘ to achieve a fair distribution of local staff among the nation’s banks on the basis of their volume.
The ‘ points system ‘ also recognizes the role of the Emiratis in the structure of the company. By the end of 2019, the goal points to be achieved are 29,736 points, and the banks had so far scored 28,050 points, according to the manager.
Previously in September this year, the UAE introduced a 300 million UAE dirhams program to train 18,000 students to enter the workforce, and part of the cost-added tax (VAT) revenue was distributed to train and recruit 8,000 Emirates. Sheik Mohammed bin Rashid Al Maktoum, Vice President and Head of the government of the UAE and Emperor of Dubai, has also promised to provide 20,000 employment for people over the next three years.
As shown by Fitch Solutions, the UAE faces less pressure than its Gulf peers to introduce labor force nationalization policies, given that it is comparatively wealthier, greater fiscal stability, and a smaller youth population.