Cabinet Resolution Regarding Refunding Bank and Financial Guarantees Given to the Ministry of Human Resources and Emiratization
The last update on this law was listed on 31 Mar 2020
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The Cabinet
- Having reviewed the Constitution;
- Federal Law No. (1) of 1972 Concerning the Competencies of Ministries and the Powers of Ministers, as amended;
- Federal Law No. (8) of 1980 Regulating Labour Relations, as amended;
- Federal Decree-Law No. (14) of 2018 Concerning the Central Bank of the UAE and Regulation of Financial Institutions and Activities;
- Federal Decree-Law No. (26) of 2019 on Public Finance; and
- Cabinet Resolution No. (26) of 2010 Regulating the Classification of Firms Governed by Labor Relation Regulation Law and Bank Guarantees Applicable thereto, as amended; and
- Based on the proposal made by the Minister of Finance and the approved by the Cabinet,
Resolves as follows:
Article (1) Definitions
For the purpose of this Resolution the following words and expressions shall have the meanings assigned there, unless otherwise provided, to as follows:
The State: United Arab Emirates
The Ministry: Ministry of Human Resources and Emiratization
The Central Bank: The Central Bank of the UAE
Article (2) Refunding of the Banking and Financial Guarantees
The Ministry shall refund 50% of the value of the banking and financial guarantees provided thereto, to those who provided them, in accordance with the procedures and rules regulating this matter, in coordination with the Ministry of Finance and the Central Bank.
Article (3) Publication and Entry into Force
This Resolution shall be published in the Official Gazette and shall enter into force as of 1/4/2020.
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