In application of the provisions herein, the following words and expressions shall have the meanings ascribed thereto, unless the context requires otherwise:

State: United Arab Emirates.

Council: Emirati Talent Competitiveness Council.

Board of Directors: Council’s Board of Directors.

Chairman: Chairman of the Board of Directors.

Ministry: Ministry of Human Resources and Emiratization.

Fund: NAFIS Fund.

Fund Budget: A detailed statement on the revenues, earnings, and expenditures expected during a specific financial year for the Fund.

Fund Resources: The sources by which the Fund secures its financial resources necessary for potential disbursement to achieve its objectives and exercise its competences.

Disbursement Mechanism: The means through which the Fund spends money on its approved initiatives, programs, and projects.