Thursday, May 19, 2005

Central Bank 'must statement' on Emiratization - Khaleej Times

The BoD taking up the matter relating to the employment of UAE nationals at the banking/Financial System decided that investment and finance companies must employ ten per cent UAE nationals.
No word on:
o how violations would be detected - is there an enforcement system in place or in development?
o the penalties for violating the rule - what are the incentives for firms to obey?
o the effective date this decision would take effect
o whether there was any study of the likely consequences of enforcing the rule

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