UAE Labour / Employment LawCabinet Resolution No. (22) of 2020 Regarding Refunding Bank and Financial Guarantees Given to the Ministry of Human Resources and Emiratization

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 : The United Arab Emirates The Ministry : Ministry of Human Resources and Emiratization The Central Bank : The Central Bank of the UAE

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Cabinet Resolution of 2020 Regarding Refunding Bank and Financial Guarantees Given to the Ministry of Hu- man Resources and Emiratization 2

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. Mohammed bin Rashid Al Maktoum Prime Minister Issued by Us On 7 Shaban 1441 (AH) Corresponding to 31 March 2020 (AD)

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