Lately, I have been meeting many new graduates from different nationalities who have been finding it tough to land a job in their home countries.
Those from the region are waiting for offers from government or semi-government organisations. One of them said that she has been waiting for an offer for 18 months from a government entity in her country, but with no luck.
“Government jobs provide security and better offers than private sector companies. I’d rather wait,” she said.
When I was growing up, many adults around me worked at government or semi-government organisations, and most remained with the same companies until they retired.
Government jobs are favoured in the region for reasons such as job security, higher pay and shorter working hours.
Therefore, it was normal for the children of government employees to want to follow in their footsteps, and some even wanted to work for the same companies their parents worked for.
When I met a pre-teen relative five years ago and asked what he wanted to be when he grew up, he said he would love to own a chain of restaurants. However, he couldn’t pursue that dream because his mother wanted him to secure a government job first and chase his entrepreneurship dream as a side business.
Our generation faces many challenges as well as opportunities that were not available to our parents.
About 85 per cent of jobs that will exist in 2030 have not been invented yet, according to a 2018 report by Dell Technologies and authored by the Institute For The Future.
As part of the UAE’s continuing mission to diversify its economy, the government is encouraging more people to join the private sector and start their own businesses.
Last year, the UAE rolled out a Dh24 billion ($6.5bn) private sector Emirati Competitiveness Programme, which aims to create 75,000 new private sector roles for Emiratis.
A few years ago, only 1.5 per cent of graduates were starting their own businesses. This rate has now risen to 5 per cent, according to Ahmed Al Falasi, the UAE’s former Minister of State for Entrepreneurship and SMEs, and now Minister for Education who oversees public and private schools and universities nationwide
While it’s positive to see more graduates starting their own businesses, there is more to be done.
The encouragement should come from home and educational institutions. I often hear from many young entrepreneurs how they’d love to start their own business but their family members don’t encourage them or they haven’t been able to meet role models from their community who have become successful.
Young children listen to their parents and often follow in their footsteps. If they don’t receive encouragement from home or educational institutions, then it can be more challenging for them to consider embarking on an entrepreneurship journey.
My parents' and my elementary teacher’s comments on my creative work and their encouragement to become a writer were one of the reasons why I pursue professional writing today.
Educational institutions should introduce young students to successful entrepreneurs from their local communities. Young children need to hear it first-hand from people they can relate to.
This could also be incorporated as part of the reading material and case studies shared in the classrooms.
Special programmes could be tailored for parents and success stories of entrepreneurs can be shared with them. They should also be aware of how entrepreneurship helps our economy grow.
My journey as an entrepreneur wasn’t free of challenges. But the knowledge I gained is incomparable and helped me grow fast in ways I couldn’t have imagined. I’m glad to be doing my part to help the economy prosper.
Parents and educational institutions have a vital role to play and their encouragement could drive our economy to prosper further.
Manar Al Hinai is an award-winning Emirati writer and communications consultant based in Abu Dhabi.
Avengers: Endgame
Directors: Anthony Russo, Joe Russo
Starring: Robert Downey Jr, Chris Evans, Scarlett Johansson, Chris Hemsworth, Josh Brolin
4/5 stars
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Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
Zayed Sustainability Prize
Mohammed bin Zayed Majlis
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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Ferrari
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UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
Results
2-15pm: Commercial Bank Of Dubai – Conditions (TB) Dh100,000 (Dirt) 1,400m; Winner: Al Habash, Patrick Cosgrave (jockey), Bhupat Seemar (trainer)
2.45pm: Al Shafar Investment – Handicap (TB) Dh80,000 (D) 1,200m; Winner: Day Approach, Ray Dawson, Ahmad bin Harmash
3.15pm: Dubai Real estate Centre – Handicap (TB) Dh80,000 (D) 1,600m; Winner: Celtic Prince, Richard Mullen, Rashed Bouresly
3.45pm: Jebel Ali Sprint by ARM Holding – Listed (TB) Dh500,000 (D) 1,000m; Winner: Khuzaam, Pat Dobbs, Doug Watson
4.15pm: Shadwell – Conditions (TB) Dh100,000 (D) 1,600m; Winner: Tenbury Wells, Royston Ffrench, Salem bin Ghadayer
4.45pm: Jebel Ali Stakes by ARM Holding – Listed (TB) Dh500,000 (D) 1,950m; Winner: Lost Eden, Andrea Atzeni, Doug Watson
5.15pm: Jebel Ali Racecourse – Handicap (TB) Dh76,000 (D) 1,950m; Winner: Rougher, Pat Dobbs, Doug Watson
Tips for newlyweds to better manage finances
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
MATCH INFO
Day 1 at Mount Maunganui
England 241-4
Denly 74, Stokes 67 not out, De Grandhomme 2-28
New Zealand
Yet to bat
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The specs
Engine: 1.5-litre 4-cyl turbo
Power: 194hp at 5,600rpm
Torque: 275Nm from 2,000-4,000rpm
Transmission: 6-speed auto
Price: from Dh155,000
On sale: now
Marathon results
Men:
1. Titus Ekiru(KEN) 2:06:13
2. Alphonce Simbu(TAN) 2:07:50
3. Reuben Kipyego(KEN) 2:08:25
4. Abel Kirui(KEN) 2:08:46
5. Felix Kemutai(KEN) 2:10:48
Women:
1. Judith Korir(KEN) 2:22:30
2. Eunice Chumba(BHR) 2:26:01
3. Immaculate Chemutai(UGA) 2:28:30
4. Abebech Bekele(ETH) 2:29:43
5. Aleksandra Morozova(RUS) 2:33:01
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
UAE currency: the story behind the money in your pockets