UAE banks are expected to hire more UAE nationals and initiate measures to support small and medium enterprises (SMEs) as part of a strategy to strengthen the country’s financial and banking sector, according to an industry body.

Members of the CEOs Advisory Council of UAE Banks Federation (UBF) have recently met to discuss the latest developments in the sector, including ongoing efforts to promote Emiratisation.

During the meeting, Jamal Saleh, Director General of UBF, said they will continue their initiatives to accelerate the “pace and quality of Emiratisation” and support SMEs. Initiatives also include training professionals and combating fraud.

The UBF is a 56-member industry association for the UAE banking sector.

“We will continue our initiatives to strengthen UBF’s role in developing the UAE financial and banking sector through accelerating the pace and quality of Emiratisation, supporting small and medium enterprises, training professionals, especially the young Emiratis,” said Saleh.

Banks were expected to hire 5,000 UAE nationals in the financial sector throughout the next five years, based on earlier directives of the Board of Directors of the Central Bank of the UAE (CBUAE).

As of September this year, the UBF, as well as the Emirates Institute for Banking and Financial Studies, has achieved 81.3% of the target national employment for 2022, according to CBUAE.

Out of the 1,000 new vacancies opened in the sector this year, at least 813 positions have already been filled by Emiratis.

Source: Zawya