A new economic research centre in the capital will work to close the data gap in the region and support the private sector’s efforts to tackle youth unemployment and create millons of new jobs.
Located at Insead’s Abu Dhabi campus, the Centre for Economic Growth (CEG) will provide “original research and publications on the key economic issues for the region with a view to enhancing decision-making and understanding of economic development in the region” as well as a forum for discussion, Insead said in a statement.
At a launch event on Saadiyat Island yesterday Sultan Al Mansouri, the Minister of Economy, highlighted the importance of job creation.
“The UAE leadership historically views human development as key. It is a crucial precursor to economic growth and development,” he said.
According to the IMF, the Middle East and North Africa (Mena) region needs growth rates of up to 7 per cent per year just to keep unemployment from rising further. Growth for the region this year is forecast to be 3.2 per cent.
“The economic challenges facing our region require the engagement of all sides to achieve success, including the private sector, governments and the academic world,” said Majid Jafar, the chief executive of Crescent Petroleum and founding chair of the CEG Business Council.
About 50 million new jobs will need to be created in the Mena region over the next decade to meet demand.
“This new centre will provide original research and data on the key economic issues of the region, and marks an important collaboration in line with Insead’s strategy and global perspective,” said Prof Ilian Mihov, the dean of Insead.
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