Sheikh Mansour chairs meeting of the Central Bank of the UAE board in Abu Dhabi on Wednesday. WAM
Sheikh Mansour welcomed the meeting’s participants and thanked the Central Bank of the UAE for its efforts to support the banking sector’s financial stability.
During the meeting, he was briefed on the progress of the implementation of plans, which are in line with the country’s future and economic approaches aimed at achieving digital inclusion and the green financial system.
The board approved the Emiratisation of managerial positions in the banking and insurance sectors, by approving the 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.
The meeting also discussed the implementation of the council’s directives from previous meetings.
The board 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.
According to the resolution, if the establishment undertakes fake Emiratisation related to Nafis’ initiatives and programmes, an administrative fine of no less than Dhs20,000 and not more than Dhs100,000 for each Emirati employee will be imposed.
The total number of private companies, which joined “Nafis” platform, has increased by 597 since early January, 2023 with 24 companies on daily basis, bringing the total number to 7,614 so far, comparing to 7,017 by end of 2022.
Companies with 50 or more employees are targeted to raise their Emiratisation rate by 2% of their overall skilled jobs. Fines for failure to achieve the Emiratisation target will come into force on Jan.1, 2023, as an Dhs72,000 annual contribution will be imposed for every UAE national not appointed.
The MoHRE resolution stipulates controls for compliance with the Emiratisation systems, job advertisements, and employer obligations when hiring a UAE national, and in return, enabling the national to perform his/her work and obligations.
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Khalifa Fund for Enterprise Development has signed a Memorandum of Understanding with The Accounter, a UAE-based entity specialising in providing accounting and taxation