The UAE aims to offer at least 40 per cent of banking jobs to its nationals, according to Mubarak Rashid Al-Mansouri, governor of UAE’s central bank, local media reported.
Currently, Emiratis constitute 26.1 per cent of the country’s banking workforce.
“We are closely monitoring the progress of banks and their initiatives towards Emiratisation and I stress that some entities need to accelerate hiring Emiratis and developing them,” the governor was cited as saying.
The nationalisation targets for the banking industry will be achieved by applying a ‘points system’ to reach a viable distribution of Emiratis across the country’s financial institutions.
The target points for end of 2019 are slated at 29,736 while banks have so far scored 28,050 points, according to the governor.
The system will also monitor the roles local employees play within their company’s hierarchy.
Earlier this year, the UAE launched a Dhs300m fund to train 18,000 graduates to enter the workforce. A part of VAT revenues were also allocated to train and employ 8,000 Emiratis.
Localisation of jobs in the UAE grew by 200 per cent in 2018, and is expected to double in 2019, according to an earlier report.