In a meeting on Wednesday, UAE Cabinet approved reforms including replacing the bank guarantee system for private sector employees, with a low-cost insurance scheme. This will release Dh14 billion back to the private sector companies and will further lower the cost of doing business. Image Credit: Twitter

Following are the major changes adopted by UAE Cabinet during a meeting on Wednesday night chaired by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai:

AT A GLANCE: Major changes adopted by UAE Cabinet

 
UAE Cabinet announces decision to abolish mandatory bank guarantee for labour recruitment and replace it with a low-cost insurance system. 
 
New visa facilitation procedures for visitors, residents, families & people overstaying their visa also adopted.  
 
UAE exemption of transit passengers from all entry fees for first 48 hours approved. Transit visa extension for up to 96 hours for a fee of Dh50. 
 
The Cabinet decision also grants people overstaying their visa a chance to leave the country voluntarily without a "no entry" stamp on their passport.  
 
New 6-month visa to be introduced for job seekers who overstayed their visa but wish to work in the country.  Temporary visa to enhance the UAE's position as a land of opportunities, a destination for talents and professionals. 
 
UAE grants those who entered country illegally a chance to leave voluntarily with a 'no entry' stamp for 2 years, if they present return ticket. 
 
UAE Cabinet allows individuals wishing to adjust or renew their visa to do so for a fee, without having to leave and re-enter the country.  
 
UAE Cabinet adopts resolution on empowering 'People of Determination', enabling them to equal access the job market.