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.
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.
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