If I got a dirham every time my Emirati friends talked about unemployment and Emiratisation, I would now be a millionaire.
Since the implementation of the nationalisation policy by the Government, talk of efforts to increase the number of Emiratis, who make up less than a fifth of the population, in the expatriate-dominated job market has not stopped.
In fact, it has increased with the growing number of fresh Emirati graduates joining the workforce.
Yet, young Emiratis believe that while some efforts have proved successful - primarily in the government sector - there are still challenges in the private sector, where the number of nationals do not exceed 30 per cent. Compare that to the Emirates Identity Authority, where 99 per cent of the staff are Emiratis.
My friends' conversations reflect an increased frustration, especially by those who have graduated since the global financial downturn.
Some have even dedicated blogs and forums to discuss this issue with fellow GCC nationals, who face similar dilemmas in their countries.
Others have complained on radio shows about how they felt "like in their own country".
"No one is hiring," says one of my Emirati colleagues, "They graduated in a very bad time," he added, referring to those graduates who completed their studies from 2009 onwards.
I do not believe that this is a convincing reason.
Many expatriates continue to be recruited in different sectors across the country. In addition, the UAE's economy is one of the fastest growing in the region, which unlike other countries worldwide, has not suffered vastly as a result of the global financial meltdown.
But you might wonder if it is possible to create jobs for unemployed Emiratis in difficult times? You bet it is.
According to economists and researchers, the UAE's private sector alone is able to create about 600,000 a year, and thus be able to accommodate this year's 43,000 unemployed Emiratis.
Still, questions remain.
Why, even after all the laws and policies by the Government, are there still unemployed Emiratis? How come it takes a shorter time for an expatriate to find a job, when a qualified Emirati has to wait for months, even years?
My "on the ground" research led me to Reem and Yousif, perfect examples to illustrate the problems of some graduates fresh out of university.
Reem, is a young Abu Dhabi native with a BA in business management. She graduated with a high grade point average, from a prestigious university in the UAE and was confident that she would be hired in no time, given that she was from a wealthy family and was more concerned at the type of job she would be doing than its remuneration. Some 18 months later she is still unemployed.
I was shocked and asked her why she had not got a job.
"The private sector is looking for receptionists or secretaries to fill the quotas required by the Government. Some told me that these are the only posts available for Emiratis, while the public sector is looking for experience.
"Where will I get the experience if my own city does not provide me with it?" says a frustrated Reem, who has lost all hope of being hired and has decided to enrol in a masters programme abroad.
Reem's response reminded me of the numerous interviews I conducted as part of my masters thesis, when I asked directors in leading Emirati organisations why Emiratisation was still not fully implemented. Some still believed in the stereotype of the "lazy Emirati worker who only cares about a high salary".
But that is an unfair generalisation and Yousif illustrates why. At 25, he could have been working at one of his father's establishments, but decided instead he wanted to be a contributor to the UAE's development.
A graduate of finance and accounting, he was recently interviewed by a government organisation by his soon-to-be expatriate supervisor, who not only was rude, but told him that Emiratis were lazy and "I know that you are here to pass your spare time".
Many young Emiratis believe that the right connections are the key to respectable jobs and vital to avoid interviews such as Yousif experienced.
"I waited for months to receive a reply back from an organisation I had been eyeing, but I had to use my influential cousin's connections or I'll be doomed to wait for months like my fellow Emiratis," said 23-year-old Sara, who received an interview request from her desired organisation within a week after calling her cousin for help.
Fatima, on the other hand, is frustrated with her organisation, which hired expatriate graduates who personally knew the managing director, taking jobs that could have been fulfilled by qualified Emiratis.
The discussion about Emiratisation could last for hours, and although young Emiratis refer to different obstacles to the full implementation of the Government's policy, they still agree on one main issue that should be overcome.
A stricter quota and penalty system, coupled with deadlines, should be implemented on all private companies to hire Emirati nationals, in addition to the Emiratisation of all human-resource positions in both the public and private sectors - and Emiratisation progress monitors need to be deployed .
Manar Al Hinai, an Emirati, is a fashion designer and writer based in Abu Dhabi. She was recently named an Arab Woman of the Year.
The biog
Favourite hobby: taking his rescue dog, Sally, for long walks.
Favourite book: anything by Stephen King, although he said the films rarely match the quality of the books
Favourite film: The Shawshank Redemption stands out as his favourite movie, a classic King novella
Favourite music: “I have a wide and varied music taste, so it would be unfair to pick a single song from blues to rock as a favourite"
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
UAE currency: the story behind the money in your pockets
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Killing of Qassem Suleimani
Gran Gala del Calcio 2019 winners
Best Player: Cristiano Ronaldo (Juventus)
Best Coach: Gian Piero Gasperini (Atalanta)
Best Referee: Gianluca Rocchi
Best Goal: Fabio Quagliarella (Sampdoria vs Napoli)
Best Team: Atalanta
Best XI: Samir Handanovic (Inter); Aleksandar Kolarov (Roma), Giorgio Chiellini (Juventus), Kalidou Koulibaly (Napoli), Joao Cancelo (Juventus*); Miralem Pjanic (Juventus), Josip Ilicic (Atalanta), Nicolo Barella (Cagliari*); Fabio Quagliarella (Sampdoria), Cristiano Ronaldo (Juventus), Duvan Zapata (Atalanta)
Serie B Best Young Player: Sandro Tonali (Brescia)
Best Women’s Goal: Thaisa (Milan vs Juventus)
Best Women’s Player: Manuela Giugliano (Milan)
Best Women’s XI: Laura Giuliani (Milan); Alia Guagni (Fiorentina), Sara Gama (Juventus), Cecilia Salvai (Juventus), Elisa Bartoli (Roma); Aurora Galli (Juventus), Manuela Giugliano (Roma), Valentina Cernoia (Juventus); Valentina Giacinti (Milan), Ilaria Mauro (Fiorentina), Barbara Bonansea (Juventus)
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
COMPANY%20PROFILE
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THE BIO
Favourite author - Paulo Coelho
Favourite holiday destination - Cuba
New York Times or Jordan Times? NYT is a school and JT was my practice field
Role model - My Grandfather
Dream interviewee - Che Guevara
The biog
Full name: Aisha Abdulqader Saeed
Age: 34
Emirate: Dubai
Favourite quote: "No one has ever become poor by giving"
Result:
1. Cecilie Hatteland (NOR) atop Alex - 31.46 seconds
2. Anna Gorbacheva (RUS) atop Curt 13 - 31.82 seconds
3. Georgia Tame (GBR) atop Cash Up - 32.81 seconds
4. Sheikha Latifa bint Ahmed Al Maktoum (UAE) atop Peanuts de Beaufour - 35.85 seconds
5. Miriam Schneider (GER) atop Benur du Romet - 37.53 seconds
6. Annika Sande (NOR) atop For Cash 2 - 31.42 seconds (4 penalties)
The biog
Favourite colour: Brown
Favourite Movie: Resident Evil
Hobbies: Painting, Cooking, Imitating Voices
Favourite food: Pizza
Trivia: Was the voice of three characters in the Emirati animation, Shaabiyat Al Cartoon
UAE currency: the story behind the money in your pockets
Honeymoonish
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COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EAlmouneer%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Dr%20Noha%20Khater%20and%20Rania%20Kadry%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EEgypt%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E120%3Cbr%3E%3Cstrong%3EInvestment%3A%20%3C%2Fstrong%3EBootstrapped%2C%20with%20support%20from%20Insead%20and%20Egyptian%20government%2C%20seed%20round%20of%20%3Cbr%3E%243.6%20million%20led%20by%20Global%20Ventures%3Cbr%3E%3C%2Fp%3E%0A
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
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The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
Company%20Profile
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UAE currency: the story behind the money in your pockets
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
The National in Davos
We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.
UAE currency: the story behind the money in your pockets
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)
RESULT
Valencia 3
Kevin Gameiro 21', 51'
Ferran Torres 67'
Atlanta 4
Josip Llicic 3' (P), 43' (P), 71', 82'
The%20specs
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COMPANY%20PROFILE
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More Expo 2020 Dubai pavilions:
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
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.”