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.

"NAFIS Fund" shall be established in the Council and shall be affiliated with the Board of Directors.

The Fund is intended to:

1. Support efforts of qualification and employment of the national human resources.

2. Provide additional financial resources to support the objectives, programs, and initiatives of the Council.

3. Ensure the sustainability of the Council programs and initiatives.

4. Support programs and initiatives of citizens qualification and employment in the private sector and establish a work culture therein. 

5. Any other objectives entrusted by the BOD.

For the achievement of the Fund objectives, the Fund has the following capacities:

1. Funding programs and initiatives of citizens qualification and employment in the private sector.

2. Funding training and technical programs and specialized certificates to support and qualify national work capabilities and skills in the private sector.

3. Establishing strategic partnerships with private bodies and institutions to achieve the Fund objectives.

4. Managing the Fund money to achieve its objectives.

5. Any other powers entrusted by the Board of Directors. 

The Fund shall be financially independent, so that it can implement its tasks and powers for the Council budget and bank accounts.

The Board of Directors shall supervise the Fund management, and for this purpose it may exercise the following tasks and powers:

1. Developing the Fund general policy and approving the plans and programs required to implement it.

2. Approving the technical foundations and standards necessary to implement the Fund tasks and achieve its objectives.

3. Creating the Fund financial account in accordance with the financial procedures applicable in the Council.

4. Approving the collection and disbursement of foundations, programs, and mechanisms from the Fund money.

5. Approving the Fund draft budget and closing account.

6. Appointing one or more external auditors, if necessary, and determining their remuneration.

7. Issuing administrative and financial powers schedule.

8. Preparing an annual report on the implemented initiatives and projects and the Fund financial position and submitting it to the Cabinet.

9. Forming the necessary committees to manage the fund and implement its tasks and objectives.

The Fund financial and accounting affairs shall be organized in accordance with applicable financial and accounting rules, regulations, and policies in the Council.

The Fund financial year shall commence on 1st January and end on 31st December, provided that the first financial year shall commence on the date of this Resolution enforcement and end on 31st December of the following year.

The Fund financial resources consist of:

1. Contributions collected by the Ministry of Human Resources and Emiratization as a result of non-compliance by the private sector establishments at the approved Emiratization percentages.

2. The surplus generated from the implementation of the Fund annual budget.

3. Gifts, donations, and grants that do not conflict with the Fund objectives and are accepted by the Board of Directors.

4. Any other financial resources specified for the Fund by a resolution of the Cabinet.

1. Disbursement from the Fund money shall be limited to current expenses related to the Fund powers and programs.

2. Disbursement from the Fund money shall be made in accordance with the procedures applicable at the Council.

3. The Fund financial resources shall not be disbursed unless there is sufficient balance in its account that covers the objective intended to be funded or spent on.

4. The Fund money shall be deemed as public property and the legislation applicable in the State shall be applied to them.

5. The Council shall provide the necessary administrative, technical, and logistical support to the Fund to exercise its powers.

The Chairman shall issue the necessary Resolutions to implement this Resolution provisions.

This Resolution shall be published in the Official Gazette and shall enter into force as of the day following the date of its publication.