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

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

“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 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.

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