UAE To Introduce Unemployment Insurance Reform

The United Arab Emirates is set to introduce a form of unemployment insurance, the Cabinet said on Monday.

Reuters added that this is the latest reform by the country as it strives to attract talent and investment amid increasing regional economic competition.

Insured workers would receive some money for a limited time if made unemployed, UAE Prime Minister and Vice-President, Sheikh Mohammed Bin Rashid Al-Maktoum, who is also the ruler of Trade Hub Dubai, said.

His statements were; "The intention is to strengthen labour market competitiveness, provide a social umbrella for workers and establish a stable working environment for all."

The statement did not specify whether this would apply equally to citizens and non-citizen residents in the UAE.

The country also announced new quota targets for the employment of Emirati citizens in the private sector.

It wants to see Emirati nationals representing 10 percent of private-sector staff in companies with more than 50 employees by 2026.