UAE reforms boon for foreign workers

Updated 29 September 2015
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UAE reforms boon for foreign workers

ABU DHABI: The UAE has announced labor reforms to protect foreign workers.
Labor Minister Saqr Ghobash said that from January 2016 the UAE would take steps which, when completed, would get rid of “all the practices that were associated with kafala.”
He outlined steps strengthening the right to change employer and preventing “involuntary labor” by lodging the workers’ contracts with the labor ministry rather than with the employers, who currently hold the documents.
“The worker cannot, under any circumstances, be made to, or otherwise be compelled, to remain in an employment relation,” a ministry statement said.
A reorganization of labor contracts would also stop so-called “substitution,” where foreign workers sign one contract before they leave their home country and are compelled to renegotiate lower wages when they arrive in the Gulf.


Saudi Arabia’s SABIC and NCB sign deal to finance small businesses

The National Commercial Bank struck the agreement with SABIC. (Reuters)
Updated 19 November 2018
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Saudi Arabia’s SABIC and NCB sign deal to finance small businesses

  • The move will help develop local industries through financing and refinancing entrepreneurs

LONDON: The National Commercial Bank (NCB) has signed a memorandum of understanding with the Saudi Basic Industries Corporation (SABIC) to help boost the financing of small and medium enterprises (SMEs).

The move will help develop local industries through financing and refinancing entrepreneurs, Asharq Al-Awsat newspaper reported.

The agreement will enable entrepreneurs and small and medium enterprises (SMEs) to obtain support and funding from NCB at preferential rates.

In addition, NCB will provide other services, including training and educational and awareness courses.

NCB, also known as Al-Ahli Bank, recently organized three workshops geared toward SMEs, covering areas such as credit approvals, financing and trade.