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Heavy fine for missing Emiratisation target
STAFF REPORTER July 12, 2018
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DUBAI: Emirates Institute for Banking and Financial Studies (EIBFS), a regional leader in banking and finance education and training, hosted a workshop to review progress achieved since the introduction of the target points system across UAE banks. The move aligns with the objective of the UAE Vision 2021 to increase the number of UAE nationals in the private sector. The system puts a financial penalty of Dhs20,000 per each missing point  if an entity fails to achieve the target of the points. 

Nasser Bin Thani Al Hamli, Minister of Human Resources and Emiratisation, led the meeting that drew the participation of Shahab Essa Al Zaabi, Head of Licensing at the Central Bank of the UAE and Board Member of EIBFS. More than 120 HR heads of banks – critical stakeholders in the implementation process – were also present.

In his keynote address, Nasser Bin Thani Al Hamli said: “Banking and insurance are important strategic sectors that have the ability to provide suitable jobs for UAE nationals and increase their competitiveness, and thus actively contribute to achieving the Emiratisation targets outlined in the UAE Vision 2021.”

He stressed the readiness of the Ministry of Human Resources and Emiratisation to provide support to institutions and companies working in these sectors to enable them to achieve the required Emiratisation rates according to the points system. He added that the Ministry is keen to develop partnerships with various economic sectors in the country and to promote integration of roles and joint responsibility for Emiratisation.

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