Financial News

Private Health Plan Is Just The Tonic For Dubai

The Dubai government has decided mandatory health insurance is just the tonic for the nation’s ills.

Expats and holidaymakers will have to take out private medical insurance starting next year.

Employers will have the responsibility of arranging healthcare for employees, while the government will demand proof of insurance before allowing expats and visitors entry to the country.

Most expats will be covered by their employers, who must ensure their policies are current at all times.  Expat families, including children, will also be covered under the scheme.

The finer details of the plan still need working out, like who foots the bill for routine check-ups rather than emergency treatment.

Costs are expected to run at around 1.6% of salaries.

“Health insurance is a type of personal security and individuals should know that if they need health care, then it is easily available,” said Essa Al Maidoor, director general of the Dubai Health Authority.

Expats and visitors make up 80% of Dubai’s population of around 3 million. Dubai nationals are already covered by a national health scheme.

Abu Dhabi visa shake-up

Expats looking to relocate their children or parents to Abu Dhabi on residency visas face a change of rules.

Current laws let expats bring their dependants to Abu Dhabi, but the new rules will only allow entry for humanitarian reasons or in an emergency.

The government cites rule-breaking as the main reason for reconsidering the visa status.

Single Gulf currency rumours

Suggestions that four Gulf States are planning to launch a single currency pegged to the US dollar rate by the end of the year have been branded as misleading by the Gulf Monetary Council.

The GMC has claims the rumour is false and that data and reports allegedly backing the issue of the new currency are not correct.

The GMC handles any matters relating to the Gulf Central Bank and monetary union.

The reports claimed Oman and the United Arab Emirates would not join the single currency.

The UAE’s central bank governor Sultan Nasser Al Suwaidi has explained that the UAE has withdrawn from any talks about monetary union until a Gulf market bloc along the lines of the European Union is formed.

On-off talks about currency union have carried on between Gulf countries for the best part of two decades. Governments and central banks seem unable to agree objectives for the currency union.

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