The UAE leads the Arab world for attracting and retaining talent, while Switzerland is the top destination globally, according to the 2023 IMD World Talent Ranking.
The UAE ranked 22nd among 64 economies thanks to an increase in scores for quality of life, management remuneration, health infrastructure, quality of education and labour force growth, according to the index by the World Competitiveness Centre.
Among other Arab countries included in the ranking is Bahrain, which jumped eight places to rank 27th globally. Qatar rose four positions to 30th and Saudi Arabia was ranked 36th.
Kuwait was included for the first time and positioned 28th worldwide.
The 2023 global rankings "show that as economies become more service-orientated – a transformation process that has also reached China (41st) and India (56th) – the physical presence of employees in the country of their employers is no longer needed", said Arturo Bris, director of IMD's WCC.
"All in all, we observe the emergence of a new type of employee that has been educated in one country, lives in another, and works for a company located in a third country."
In recent years, the UAE has undertaken several economic, legal and social reforms to attract skilled workers.
The government’s overhaul of visa programmes has boosted opportunities for foreign workers to live and work in the country. That includes a revamp of the 10-year golden visa to simplify eligibility criteria and expand the categories of beneficiaries.
The green visa was also introduced to provide five-year residency to skilled workers without needing a sponsor or employer.
The UAE also implemented a new unemployment insurance programme for federal government and private sector employees, to which all workers must subscribe.
Globally, the WTR found that Switzerland maintained its lead for attracting and retaining talent, continuing its dominance since the ranking was established in 2014.
It was followed by Luxembourg and Iceland in the top three. Sweden registered a big downfall – from second to 10th position – while Belgium (fourth) and Singapore (eighth) have both moved back into the top 10.
The rankings are calculated by quantifying 31 criteria that involve both hard data and survey responses from executives.
The annual report considered factors such as remuneration, taxes, cost of living, the education system, as well as the economy’s position on environmental issues and a fair judicial system.
Globally, many countries have not been able to return to pre-pandemic levels of talent competitiveness, which has led to greater parity between certain regions, the report said.
It also found that the pandemic-induced shift towards remote or hybrid models is affecting career progression, according to respondents.
Up to 27 per cent of the 4,000 executives questioned in a survey that fed into the results said they felt that remote work was detrimental to career development in their company.
WTTC researchers believe the reason could stem from a “proximity bias among managers”, seeing them favour those individuals who follow the traditional in-office work model.
The economies in which remote work is considered less harmful for career development are, on average, also those that excel in the attraction and retention of highly skilled professionals as well as in the levels of female participation in the job market, it found.
“If new work models lead to the curtailment of the opportunities that organisations offer to their staff, organisations’ capacity to attract and retain talent may be limited," the report said.
"Such a trend can restrict talent development, and ultimately talent competitiveness, by negatively affecting some of the core elements of competitiveness."
Company%20Profile
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Results
1. New Zealand Daniel Meech – Fine (name of horse), Richard Gardner – Calisto, Bruce Goodin - Backatorps Danny V, Samantha McIntosh – Check In. Team total First round: 200.22; Second round: 201.75 – Penalties 12 (jump-off 40.16 seconds) Prize €64,000
2. Ireland Cameron Hanley – Aiyetoro, David Simpson – Keoki, Paul Kennedy – Cartown Danger Mouse, Shane Breen – Laith. Team total 200.25/202.84 – P 12 (jump-off 51.79 – P17) Prize €40,000
3. Italy Luca Maria Moneta – Connery, Luca Coata – Crandessa, Simone Coata – Dardonge, Natale Chiaudani – Almero. Team total 130.82/198.-4 – P20. Prize €32,000
HOW%20TO%20ACTIVATE%20THE%20GEMINI%20SHORTCUT%20ON%20CHROME%20CANARY
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The%20US%20Congress%20explained
%3Cp%3E-%20Congress%20is%20one%20of%20three%20branches%20of%20the%20US%20government%2C%20and%20the%20one%20that%20creates%20the%20nation's%20federal%20laws%3C%2Fp%3E%0A%3Cp%3E-%20Congress%20is%20divided%20into%20two%20chambers%3A%20The%20House%20of%20Representatives%20and%20the%20Senate%3C%2Fp%3E%0A%3Cp%3E-%C2%A0The%20House%20is%20made%20up%20of%20435%20members%20based%20on%20a%20state's%20population.%20House%20members%20are%20up%20for%20election%20every%20two%20years%3C%2Fp%3E%0A%3Cp%3E-%20A%20bill%20must%20be%20approved%20by%20both%20the%20House%20and%20Senate%20before%20it%20goes%20to%20the%20president's%20desk%20for%20signature%3C%2Fp%3E%0A%3Cp%3E-%20A%20political%20party%20needs%20218%20seats%20to%20be%20in%20control%20of%20the%20House%20of%20Representatives%3C%2Fp%3E%0A%3Cp%3E-%20The%20Senate%20is%20comprised%20of%20100%20members%2C%20with%20each%20state%20receiving%20two%20senators.%20Senate%20members%20serve%20six-year%20terms%3C%2Fp%3E%0A%3Cp%3E-%20A%20political%20party%20needs%2051%20seats%20to%20control%20the%20Senate.%20In%20the%20case%20of%20a%2050-50%20tie%2C%20the%20party%20of%20the%20president%20controls%20the%20Senate%3C%2Fp%3E%0A
Imperial%20Island%3A%20A%20History%20of%20Empire%20in%20Modern%20Britain
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Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
The specs: 2018 Audi RS5
Price, base: Dh359,200
Engine: 2.9L twin-turbo V6
Transmission: Eight-speed automatic
Power: 450hp at 5,700rpm
Torque: 600Nm at 1,900rpm
Fuel economy, combined: 8.7L / 100km
RESULTS
%3Cp%3E%0D5pm%3A%20Deerfields%20%E2%80%93%20Handicap%20(PA)%20Dh80%2C000%20(Turf)%202%2C200m%0D%3Cbr%3EWinner%3A%20Taajer%2C%20Richard%20Mullen%20(jockey)%2C%20Salem%20Al%20Ketbi%20(trainer)%0D%3Cbr%3E5.30pm%3A%20The%20Galleria%20%E2%80%93%20Handicap%20(PA)%20Dh80%2C000%20(T)%201%2C600m%0D%3Cbr%3EWinner%3A%20Zafaranah%2C%20Antonio%20Fresu%2C%20Musabah%20Al%20Muhairi%0D%3Cbr%3E6pm%3A%20Wathba%20Stallions%20Cup%20%E2%80%93%20Maiden%20(PA)%20Dh70%2C000%20(T)%201%2C200m%0D%3Cbr%3EWinner%3A%20Ifahat%20Du%20Loup%2C%20Abdul%20Aziz%20Al%20Balushi%2C%20Sulaiman%20Al%20Ghunaimi%0D%3Cbr%3E6.30pm%3A%20Mazyad%20%E2%80%93%20Handicap%20(PA)%20Dh80%2C000%20(T)%201%2C200m%0D%3Cbr%3EWinner%3A%20AF%20Majalis%2C%20Tadhg%20O%E2%80%99Shea%2C%20Ernst%20Oertel%0D%3Cbr%3E7pm%3A%20Dalma%20%E2%80%93%20Maiden%20(PA)%20Dh80%2C000%20(T)%201%2C400m%0D%3Cbr%3EWinner%3A%20Bassam%20Al%20Wathba%2C%20Bernardi%20Pinheiro%2C%20Majed%20Al%20Jahouri%0D%3Cbr%3E7.30pm%3A%20World%20Trade%20Centre%20%E2%80%93%20Handicap%20(TB)%20Dh80%2C000%20(T)%201%2C400m%0D%3Cbr%3EWinner%3A%20Fawaareq%2C%20Dane%20O%E2%80%99Neill%2C%20Doug%20Watson%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
The specs: Fenyr SuperSport
Price, base: Dh5.1 million
Engine: 3.8-litre twin-turbo flat-six
Transmission: Seven-speed automatic
Power: 800hp @ 7,100pm
Torque: 980Nm @ 4,000rpm
Fuel economy, combined: 13.5L / 100km
The specs: 2019 Subaru Forester
Price, base: Dh105,900 (Premium); Dh115,900 (Sport)
Engine: 2.5-litre four-cylinder
Transmission: Continuously variable transmission
Power: 182hp @ 5,800rpm
Torque: 239Nm @ 4,400rpm
Fuel economy, combined: 8.1L / 100km (estimated)
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Ultra processed foods
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;
- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,
- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.
The%20specs
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Tips to avoid getting scammed
1) Beware of cheques presented late on Thursday
2) Visit an RTA centre to change registration only after receiving payment
3) Be aware of people asking to test drive the car alone
4) Try not to close the sale at night
5) Don't be rushed into a sale
6) Call 901 if you see any suspicious behaviour
RESULTS
Argentina 4 Haiti 0
Peru 2 Scotland 0
Panama 0 Northern Ireland 0
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Our Time Has Come
Alyssa Ayres, Oxford University Press
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Mohammed bin Zayed Majlis
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
Like a Fading Shadow
Antonio Muñoz Molina
Translated from the Spanish by Camilo A. Ramirez
Tuskar Rock Press (pp. 310)
