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UAE Cabinet announces the abolition of mandatory bank guarantee for labor recruitment

Gulf News 2018-06-13 22:38:00
Image Credit: Twitter

It will be replaced by a low-cost insurance system, tweeted Mohammad Bin Rashid after Cabinet meet

UAE Cabinet meeting on Wednesday night. The UAE is among the 10 most competitive countries in the world. "Our goal is to remain a top destination for ease of doing business, through an agile economy based on flexibility and openness. A strong economy drives us as a nation to be among the first and best," @HHShkMohd Twitted on Wednesday night.

“Today I chaired a Cabinet meeting, during which we approved a legislative facilities package including the abolition of mandatory bank guarantee for the recruitment of workers. We replaced it with a low-cost insurance system, which will inject Dh14 billion bank guarantees in the national economy among other facilities in the field of residence,” tweeted His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, late of Wednesday.

The UAE is among the ten most competitive countries in the world and our goal is to remain a top destination for ease of doing business, through an agile economy based on flexibility and openness. A strong economy drives us as a nation to be among the first and best. pic.twitter.com/HphpX5BpNq— HH Sheikh Mohammed (@HHShkMohd) June 13, 2018

“The UAE is one of the top ten countries in the global competitiveness. Our aim is to remain among the world's top rankings in the ease of doing business through flexible and open economy keeping pace with the changes. The UAE’s  interest is make our economy the first, best  and most attractive,” Shaikh Mohammad tweeted.

In a cabinet meeting today we approved reforms including replacing the bank guarantee system for private sector employees, with a low-cost insurance scheme. This will release AED 14 billion back to the private sector companies and will further lower the cost of doing business . pic.twitter.com/4BYNzldJ0S— HH Sheikh Mohammed (@HHShkMohd) June 13, 2018