Under the Emiratisation plan, the Central Bank has approved the creation of 5,000 employment for UAE citizens in the banking and insurance sectors.

The seats, which were approved by Sheikh Mansour bin Zayed, Deputy Prime Minister and Chairman of the Central Bank’s Board of Directors, will be filled by the end of 2026, according to state news agency Wam.

The authorized program was developed in collaboration with the Emirates Institute of Banking and Financial Studies and the UAE Cadres Competitiveness Board’s board of directors.

Sheikh Mohammed bin Rashid, Dubai’s Prime Minister and Ruler, announced the commencement of a new initiative to increase Emirati employment in the private sector on Monday.

He claimed the government would provide “extra incentives” for enterprises that support citizen employment after a UAE Cabinet meeting at Expo 2020 Dubai.

In September, the UAE announced plans to make residents account for 10% of the private-sector labor within the next five years.

As part of the Nafis initiative, the requirement was included in a package of 13 projects and decrees aimed at increasing the number of Emiratis working in the private sector by 75,000 by 2026.

Paid training programs, subsidies for Emiratis working in the private sector, and assistance for local entrepreneurs who desire to quit the public sector to start their own businesses were among the initiatives.

During the first three months of the recruiting drive, over 2,000 Emiratis entered the UAE’s private sector.