DUBAI – Authorities in United Arab Emirates have approved extending the duration of stay allowed under work permit.
UAE’s parliamentary body, Federal National Council (FNC) has approved extending the duration of work permits from current duration of two years to three. The approval came after an FNC committee recommended the move to reduce the financial costs associated with obtaining work permits.
Work permits are issued by the Ministry of Human Resources and Emiratisation for two years; without this document, it is illegal for a person to work in the country and any failure to comly with the regulations can invite criminal proceedings.
In the report submitted by the FNC Committee on Financial, Economic and Industrial Affairs, measures such as waiver of work permit fees for job change have also been proposed besides other recommendations.
Another recommendation that the FNC approved is that workers must spend at least one year with an employer after the probation period; however, this requirement can be waived if the employer agrees.
FNC was also informed by the Ministry of Human Resources and Emiratisation that it conducted over 72,000 inspection visits across the country this year and cases requiring attention were referred to the public prosecution.
The United Arab Emirates is seen as a top destination when it comes to choice available to many Asian workers who find the emirate safe, easily accessible and offering tons of opportunities.
The authorities in the emirate are transforming the visa processing to tilt it in favour of visa seekers and introducing new visa types such as the Golden Visa which is a new hit amongst celebrities and stars.
When it comes to Asia, Pakistan sends thousands of workers each year to the emirate some of whom spend their whole lives in the country.
It is to be mentioned that UAE hosts about 1.7 million Pakistanis, the second largest Pakistani expat community in the world.
The data by the State Bank of Pakistan confirms that the volume of remittances from the UAE to Pakistan in fiscal year 2022 was $2555.22 million, implying that a sizeable Pakistani workforce is employed in the country in diverse fields from banks to real estate.
KARACHI – The Pakistani rupee on Tuesday continued its ascent, trading at less than Rs290 against the US dollar in the morning interbank market, primarily due to stringent measures in the financial sector.
The US dollar was valued at Rs289.78 around 9:48 am, as reported by the Forex Association of Pakistan, marking a decrease of Rs1.18 from the previous day’s closing rate of Rs290.86.
This ongoing rise in the value of the rupee follows the crackdown on illegal dollar trading initiated earlier this month, with strong support from the military.
In the open market, the rupee also made gains against the dollar, trading at Rs292 compared to the previous day’s rate of Rs293, according to the Exchange Companies Association of Pakistan.
Saad Bin Naseer, the director of the financial services platform Mettis Global, noted that this marked the 16th consecutive day of appreciation for the PKR, amounting to nearly a 6% increase.
Naseer attributed this surge primarily to administrative measures, stating that it seems the government’s crackdown on speculative elements contributing to rupee depreciation is having an effect.
He also suggested that if this trend persists and the Afghan border remains closed, the rupee could continue to appreciate in the future. However, he emphasized the importance of attracting foreign direct investment (FDI) into export-oriented sectors for long-term stability.
KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs 210,100 on Tuesday. The price of 10 grams of 24k gold was recorded at Rs180,130.
Likewise, 10 grams of 22k gold were being traded for Rs168,730 while a single tola of 22-karat gold was being sold at Rs196,807.
Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.
|Lahore||PKR 210,100||PKR 2,587|
|Karachi||PKR 210,100||PKR 2,587|
|Islamabad||PKR 210,100||PKR 2,587|
|Peshawar||PKR 210,100||PKR 2,587|
|Quetta||PKR 210,100||PKR 2,587|
|Sialkot||PKR 210,100||PKR 2,587|
|Attock||PKR 210,100||PKR 2,587|
|Gujranwala||PKR 210,100||PKR 2,587|
|Jehlum||PKR 210,100||PKR 2,587|
|Multan||PKR 210,100||PKR 2,587|
|Bahawalpur||PKR 210,100||PKR 2,587|
|Gujrat||PKR 210,100||PKR 2,587|
|Nawabshah||PKR 210,100||PKR 2,587|
|Chakwal||PKR 210,100||PKR 2,587|
|Hyderabad||PKR 210,100||PKR 2,587|
|Nowshehra||PKR 210,100||PKR 2,587|
|Sargodha||PKR 210,100||PKR 2,587|
|Faisalabad||PKR 210,100||PKR 2,587|
|Mirpur||PKR 210,100||PKR 2,587|