VOL. XXXII

NO. 5

7-NOVEMBER-1988

Financial and Banking News

REGIONAL BANKING

UAE Banks Obliged to Raise Local Employment

According to the Deputy Governor of the Central Bank of the UAE, ShaikhMuhammad ibn Sultan al-Dhahiri, as quoted in the Sharjah daily al-Khaleej lastweek, only 6.3% of the employees of commercial banks in the country are UAEnationals. The Central Bank has told banks to achieve a minimum local employmentlevel of 10% by the end of the year, and specified a 20% local employee quota...