UAE welcomes entrepreneurs of change
The UAE has pioneered the diversification of its economy in the region, building a strong and resilient ecosystem which is affirmed by the policies it has rolled out in recent past.
The path-breaking announcement of one such policy that will shape the jobs market or shape future trends was made recently by the wise leadership of allowing Emiratisation in the top five strategic sectors including aviation, banking, insurance, real estate and telecoms.
The strategic sectors will see the blend of Emiratisation and at the same time global talents exploring the opportunities offered by the UAE. And what will be the possible outcome of the same? The nation bolstered with talents and a knowledge base.
The Emiratisation plan includes issuing regulations and setting new targets to provide 20,000 job opportunities for Emiratis in strategic sectors over the next three years, with an average of 6,700 jobs annually.
Under the plan, a Dh300 million fund will be established to create specialised training programmes for Emiratis as well as a new system will be adopted to train 8,000 Emirati graduates annually in government, semi-government and private entities for 6-12 months.
Following an extensive plan, Emirati employees shall be integrated in positions that meet their skills and expertise in vital sectors.
"Human capital is the fuel of nations. Uniting efforts of our national cadres and foreign talents will accelerate our journey towards the future," said His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
Recently, 2,500 intellectuals, scientists and investors received permanent residence in the UAE.
On his official Twitter account, Sheikh Mohammed said: "We celebrate the first group of scientists, researchers and investors who received the Golden Permanent Residence in the UAE. There are 2,500 of them. We welcome them. UAE is a country of scientists and knowledge, and talented people and entrepreneurs of change."
The Ministry of Economy is predicting a rise in the share of the non-oil sector in the UAE's GDP to 80 per cent by 2021, compared to 70 per cent in 2017 while stating that the UAE has the most diverse economy in the GCC and the region. The strategic sectors identified by the UAE will see paradigm shift and churn out the best talents making it more competitive.
"The strategic sectors identified by the decision are sectors that have a strong presence of semi-government organisations. I feel that the selection of these sectors is very smart and pragmatic," said Abdulmuttalib Hashim, managing director of TBH Consultancy.
Hashim opines that semi-government organisations within these sectors will be expected to lead Emiratisation efforts, and hopefully encouraging other private sector companies to follow suit.
"This is also a smart approach to gradually transition local youth to the private sector in a familiar environment and to a degree 'safer' in terms of job security which has always been a concern among emiratis when it comes to the private sector," added Hashim.
"A statement from Sheikh Mohammed reiterating to both international professionals and the private sector that the government will continue to support Emiratisation, it will also make sure that the need to attract international talent and to support the private sector financially or through legislation will also continue and not stop."
In the UAE, the insurance industry is a specialised financial sector that has sought early on to increase its emiratisation rates through attracting young and capable Emirati specialists in recent years.
Abdulla Al Nuaimi, executive vicepresident for Shared Services at Abu Dhabi National Insurance Company (Adnic), said Adnic holds one of the highest emiratisation rates in its ranks in the insurance industry. "As part of its commitment to increasing these numbers and in line with our Emiratisation strategy, Adnic appointed an Emiratisation head in 2018 to drive its efforts to employ more UAE nationals in the company," he said.