The UAE has adopted a new system to increase Emiratisation rates in the private sector annually to reach 10 per cent by 2026.
“We have set a minimum Emiratisation percentage of 2 per cent annually from high-skilled jobs in establishments having more than 50 employees,” tweeted His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, after chairing a Cabinet meeting on Monday.
Financial benefits will be offered to private sector firms that support the employment of Emiratis, announced the UAE Vice-President.
As part of the Projects of the 50 initiatives, officials had last year announced a federal programme to increase the number of Emiratis employed in the private sector from 2 per cent to 10.
Nafis consists of 13 projects and development initiatives at a total cost of Dh24 billion. These include a salary support scheme that offers up to Dh5,000 per month for five years; a Dh1 billion fund dedicated to supporting graduate students and their start-ups; and unemployment benefits, among others.
The Cabinet also approved a new housing policy within the Sheikh Zayed Housing Programme. A housing loan financing programme worth Dh11.5 billion will benefit 13,000 Emirati families.
Implemented through partnerships with the private sector and national banks, the Sheikh Zayed Housing Program will finance the profits of the loans on behalf of Emiratis.
A decision in this regard aims to develop a comprehensive regulatory framework and build a flexible and advanced legislative environment for these institutions. The decision will support the federal higher education institutions in enhancing their competitiveness and ensuring effective governance.
The Cabinet approved a policy of publishing violations related to the provisions of the Securities and Commodities Authority law and regulations. It grants the authority the power to publish on its website the facts committed in violation of its laws and regulations. These can include the names of the violators.
The decision aims to enhance efforts to raise investment awareness, protect investors, ensure the achievement of deterrence, and limits violations within financial markets.
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