The Ministry of Finance pledges to study 5 parliamentary proposals to raise localization in banks
A government plan to localize 3 job categories in the banking sector
A proposal to raise the fine for resettlement points from 20,000 dirhams to 200,000 dirhams for each point.
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The Minister of State for Financial Affairs, Muhammad bin Hadi Al-Husseini, revealed that the Ministry of Finance is currently working on implementing a plan to qualify and train national cadres working in the banking sector in the country, with the aim of raising their level, allowing them to assume vital jobs in this sector, starting with senior jobs and passing through banking jobs. And to finish the marginal jobs, the minister also pledged to direct five parliamentary proposals to raise the Emiratisation rates in the banking sector in the country, which were submitted by a member of the Federal National Council, Obaid Al-Ghoul Al-Salami, for study by the Ministry of Finance and the Central Bank, to take the necessary action in this regard.
In detail, the Minister of State for Financial Affairs, Muhammad bin Hadi Al-Husseini, confirmed that the ministry will study five parliamentary proposals to raise the Emiratisation rates in the banking sector in the country, which were submitted by a member of the Federal National Council, Obaid Al-Ghoul Al-Salami, as part of a parliamentary question he directed to the minister during the council session held last Tuesday. At the council’s headquarters in Abu Dhabi, headed by the council’s chairman, Saqr Ghobash, indicating that these proposals will be discussed with the Central Bank officials and the concerned authorities, to come up with a vision about the appropriate implementation of them.
The list of the five parliamentary proposals, which the ministry adopted its study to address what the council member called the “weak Emiratisation rates in the banking sector in the country”, reconsidering the value of the fine of Emiratisation points from 20 thousand dirhams to 200 thousand dirhams per point, and the imposition of a 1% tax on The profits of national banks are directed to a fund under the responsibility of the state, which is used to train and qualify national cadres working in the banking sector and wishing to work in it, as well as obligating banks to refrain from resorting to outsourcing jobs and tasks to companies and people from outside the state, and replacing them with national ones, in addition to establishing national companies. It is entrusted with audit and review tasks, giving priority to working in it to national cadres, and finally naming the five best banks annually in Emiratisation to be honored, and the five worst banks that are not committed to the Emiratisation file, to alert them.
The minister pledged that the ministry would follow up with the Central Bank of the control mechanisms and apply the legally prescribed “fine points” to banks that do not adhere to the settlement percentage, and intensify efforts to urge national banks to take into account the commitment to appoint distinguished and qualified national cadres to assume senior positions.
The minister revealed that the ministry is working to implement a plan to rehabilitate and train citizens to raise their level to take on vital jobs, starting with the higher sectors, passing through the banking sector, and ending with marginal jobs, pointing out that the last three years have witnessed a significant improvement in the file of Emiratisation in the banking sector in the country, especially at the level of jobs. vitality, senior functions, and middle management.
For his part, Obaid Al-Ghoul Al-Salami praised the good and speedy interaction of the government with the parliamentary proposals and initiatives, which are always a reflection of the pulse of the street and the citizens, stressing that “the continuous directives of the leadership have been credited with the success of the banking sector during the past few decades in achieving rising growth, Beneficiary of the country’s economy, which is characterized by stability, flexibility and great ability to anticipate the future and adapt to changes that occur in the trends of global markets, in addition to the unlimited support provided by the government to help national banks address any potential imbalance in the liquidity balance, beginning with the economic crisis and ending with the global pandemic crisis. .
Al-Salami told "Emirates Today": "The proposals that I submitted under the dome of the esteemed council are aimed at addressing some of the procedures and matters pursued by some national banks. I see them contradicting the policy and trends of the state towards providing thousands of job opportunities for its national cadres, and then I did not doubt for a moment. The speedy interaction of the Minister of State for Financial Affairs with it, and the pledge to study it and implement what the executive bodies deem fit, especially since we have entrusted this to the government, which does not hesitate to adopt any ideas, proposals, or recommendations that would serve the country and the citizen at all levels.
government response
Member of the Federal National Council, Obaid Al-Ghoul Al-Salami, stated that last year he submitted 12 parliamentary proposals to the Minister of Economy, aimed at developing the financial markets, most notably “the inclusion of new companies from various sectors, such as education, tourism and energy, in light of the availability of many educational institutions in the country.” And the presence of a strong tourism sector in the country, as well as oil and energy services companies.”
He stressed that some of these proposals were already implemented on the ground, as soon as His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, assumed supervision of financial markets and stock exchanges, who began his duties by setting a comprehensive development vision for the financial markets. In order to meet the requirements of the current stage, and stimulate the growth of financial markets through policies and action plans that achieve the leadership’s ambition to double the size of our financial markets to three trillion dirhams.
Al Salami said: "His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, immediately upon being assigned the new tasks, announced the inclusion of 10 government and semi-governmental companies in the Dubai Financial Market, in an unprecedented step that would provide the highest levels of support for the financial sector in the emirate, and stimulate the pace of Achievements and successes to achieve sustainable growth that enhances the position of the Dubai Financial Market as one of the most important financial markets in the world, followed by the announcement of the imminent inclusion of the Dubai Electricity and Water Authority and the (Salik) traffic tariff system in the financial market, with the aim of diversifying the government companies listed in the market, and achieving the best returns to investors, thus enhancing market performance and enhancing investor confidence alike.
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