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Emiratis play growing role in UAE banking
The number of UAE nationals working in the country's banking sector have increased from 3,700 in December 2002 to 10,218 in December 2007, a senior official said yesterday.
- By Ahmed A. Elewa, Senior Reporter
- Published: 23:38 April 8, 2008
- Year - Number
- 2002 - 3,700
- 2003 - 4,400
- 2004 - 5,200
- 2005 - 6,900
- 2006 - 8,600
- 2007 - 10,218
Abu Dhabi: The number of UAE nationals working in the country's banking sector have increased from 3,700 in December 2002 to 10,218 in December 2007, a senior official said yesterday.
"The Cabinet Decree Number 10 for 1998 requires an increase in the employment of nationals by the banks operating in the UAE by four per cent annually, and we have been carefully applying this law so that UAE nationals now comprise 31.8 per cent of the banking sector's workforce," Sultan Bin Nasser Al Suwaidi, governor of the UAE Central Bank, told the Federal National Council (FNC) yesterday. "Banks that do not comply are denied any approvals related to expanding their activities or profits, such as new branches, Automatic Teller Machines (ATMs), and so forth, while we cannot deny them other approvals necessary for their normal activities," he said.
FNC member Yousuf Obaid Al Nouemi inquired about the success of the policy and the absence of UAE nationals from senior positions.
Moving up
"Most of the nationals are fresh graduates, and accordingly there are programmes and timeframes according to which they can occupy senior positions.
"That does not mean that there are none, as many nationals are now managing branches, and occupying other senior positions," Al Suwaidi replied.
"Over the last three years, we have been requiring exchange companies with more than 50 employees to nationalise their workforce by five per cent," he added.
He pointed out that the requirement for establishing financial and investment companies is to employ 10 per cent of UAE nationals from the outset. There are about 110 exchange companies in the country.
"The increasing number of resignations of UAE nationals from the banking sector, which stood at 2,595 in 2007 is due to the expanding economy of this country, where the banking sector plays the role of a qualifying platform for UAE nationals to work in other sectors of the economy," Al Suwaidi said.
Progress: Nationals in sector
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