Saab's building at Tawazun Industrial Park in Abu Dhabi. The Swedish defence firm's partnership with Tawazun is boosting high-tech jobs in the UAE. Courtesy: Saab.
Saab's building at Tawazun Industrial Park in Abu Dhabi. The Swedish defence firm's partnership with Tawazun is boosting high-tech jobs in the UAE. Courtesy: Saab.
Saab's building at Tawazun Industrial Park in Abu Dhabi. The Swedish defence firm's partnership with Tawazun is boosting high-tech jobs in the UAE. Courtesy: Saab.
Saab's building at Tawazun Industrial Park in Abu Dhabi. The Swedish defence firm's partnership with Tawazun is boosting high-tech jobs in the UAE. Courtesy: Saab.

Economy

Tawazun-Saab partnership to boost high-tech jobs in the UAE

Tie-up between Abu Dhabi's Tawazun and Sweden's defence company Saab will develop local skills

The National

June 21, 2021

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A partnership between Abu Dhabi's Tawazun Economic Council and Saab will see the Swedish defence company grow its local operations and create more high-tech jobs in the UAE.

The strategic tie-up will cultivate key technologies in the UAE through the development of local skills and capabilities, Tawazun said in a statement on Monday.

"The business plan that Saab is following also reflects Tawazun’s commitment to the development of the defence and security industry," Matar Al Romaithi, chief executive of the economic development unit at Tawazun, said. "It is through partnerships such as this that we can continue to develop and build up our critical technical capabilities and our national competencies and skills, fortifying the contribution to the UAE.”

The council is a state body tasked with driving economic growth and the development of the UAE’s defence and security industries. It initiated the "landed company" concept in 2018, whereby foreign defence firms have been able to establish a wholly self-owned subsidiary in the UAE to fully engage with the defence and security industry. Saab became a landed company in 2019, agreeing with Tawazun on a business plan for its Abu Dhabi operations.

"Hand-in-hand, we are looking forward to putting our research and development efforts into new areas to support the UAE’s ambition of building its defence and security industry and ecosystem," Anna-Karin Rosén, managing director of Saab, said.

Saab is also collaborating with Tawazun on training and development initiatives to help grow Emirati talent in the industry, she said.

The Swedish defence firm is working with local academia as it seeks to invest in research and development, according to the statement.

It is also working with Tawazun on the Sustain & Enhance Emiratisation in Defence & Security (SEEDS) programme, which provides opportunities for students at three Emirati universities and one technical college studying engineering or computer science.

Zaal Al Mansoori, executive director of industrial development at Tawazun, said that Saab will supply valuable internships that will lead to future employment, benefitting both the company and the UAE's defence and security industry.

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

10 tips for entry-level job seekers
  • Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
  • Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
  • Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
  • For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
  • Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
  • Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
  • Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
  • Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
  • Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
  • Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.

Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz

UAE currency: the story behind the money in your pockets

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.”

THE BIO

Favourite holiday destination: Whenever I have any free time I always go back to see my family in Caltra, Galway, it’s the only place I can properly relax.

Favourite film: The Way, starring Martin Sheen. It’s about the Camino de Santiago walk from France to Spain.

Personal motto: If something’s meant for you it won’t pass you by.

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