Emiratization Drive for UAE Banking Sector

A new Emiratization initiative has been approved for the UAE’s banking sector and is scheduled to come into force in January, as the country looks to encourage more nationals into the private sector.

The directors of the UAE Banks Federation discussed the scheme for the banking and insurance sector which was recently approved by the UAE Cabinet, a statement said, Arabian Business reported.

The initiative is part of plans to accelerate the growth of the UAE banking sector in the face of an “increasingly complex regulatory environment and continuing slowdown in global economic growth”, the statement added.

The new strategy adopts a point-based system and banks are then rated and rewarded based on their performance across key parameters such as creation of job opportunities for UAE nationals, the training and development to develop Emarati skills, as well as their success in moving Emirati employees to fill senior-level positions.

Earlier this year, a survey showed that eight out of ten newly graduated UAE nationals still prefer working in the government sector despite efforts to encourage more to secure jobs in the private sector.

Flexible work hours, quality of medical services provided by the employer, the number of holidays, the flexibility of working from home and the overall work environment of the organization are some of the major factors that the graduates factor in while looking out for a job, the survey conducted by TASC Outsourcing revealed.