New budget to extend rules beyond public sector


Dubai’s (re)insurance sector faces a renewed push for Emiratisation rules after the United Arab Emirates cabinet passed its 2016 budget this week.

Emiratisation is a government scheme to get Emiratis into work through quotas on employers.

The UAE has run its National Emiratisation Strategy in the public sector for around a decade, but the new budget will see this extended to cover banking and insurance.

This is not the first time the concept has been applied to insurance, but marks a renewed interest in the idea by the UAE.

The UAE cabinet also permitted the reorganisation of the board of the Insurance Authority, according to Gulf News.

The cabinet meeting was chaired by UAE prime minister sheikh Mohammad Bin Rashid Al Maktoum.

The overall budget of AED48bn for 2016 will prioritise issues such as social development, health and education.