More must be done to find jobs for Emiratis



Emirati jobless rate has become truly serious and yet some companies still ignore the law

"Just how many Emiratis are unemployed in the United Arab Emirates? Figures circulating on the web may not reflect the reality, so let's presume that the figure declared by the ministry of economy, which is 43,000 Emiratis, is the correct one," wrote Mohammed Salman Al Aboodi, of UAE University, in yesterday's edition of the Dubai-based newspaper Al Bayan.

"Does it stand to reason that such a huge number of Emiratis do not have a job?" he asked. "Are we aware of how serious this situation is? Or has this whole matter become all too commonplace?"

The truth is that the issue of unemployment among Emiratis has become so serious that it might cause "a regression in economic, social and cultural development in the country, not to mention the security aspect of it," the writer said.

"We can't consider economic growth that is dependent on a dense foreign workforce to be real," he noted.

"For that growth is of the fake kind; it might stop at any moment, given that all the savings of foreign workers go to their native countries."

And that is just one "devastating consequence" of the high rate of unemployment among Emiratis, the writer added.

"Another devastating consequence in the long term has to do with demographic growth. Our young, who account for a large segment of the unemployed, are reluctant to take the risk of starting a family" because of job uncertainty.

Many young Emiratis now prefer to postpone marriage until they land a job. "I'm not sure if the ministries of labour and social affairs have the exact numbers of those who miss out on marriage just because of unemployment," the writer went on.

"As a result, the disaster known as the 'demographic imbalance' in the UAE keeps snowballing into a more complicated issue, while foreign recruitment trends remain on a steady upwards curve. In fact, the low Emirati share in the work force has become an embarrassment."

The UAE does not impose exorbitant taxes on foreign businesses; all it does is require that a small percentage of the workforce in those institutions be Emirati, in order to alleviate the strain on the public sector. But that policy cannot have any effective when foreign businesses intentionally fail to comply with these directives, and go unpunished.

Making matters worse, a significant number of government jobs are still taken by expatriates.

"Yet there are unemployed Emiratis who are more than eligible for those jobs," the writer said.

"Do we ever take the time to think about what an unemployed Emirati might feel when he sees an expatriate worker showing off a luxury car … dining at the best hotels and living in one of the most splendid villas on the Palm Islands?" the writer asked.

Empty European talk about Palestinian state

The recent statement about the need to establish a Palestinian state, made by Catherine Ashton, the European Union's foreign affairs commissioner, is old news, said an editorial in the West Bank newspaper Al Quds yesterday.

Talk about "the responsibility of both parties to achieve that goal" has become the standard diplomatic phrase, repeated by all European officials whenever the Palestinian question is raised, the newspaper said.

This verbal endorsement of the Palestinian people's right to an independent state "will have no significant effect as long as it is not coupled with concrete progress on the ground". In broad daylight, Israel is continuing its settlement expansion into the West Bank and Eastern Jerusalem - territories that are supposed to become part of the prospective Palestinian state.

"The inability of the international community … to rein in Israeli settlement expansion makes all talk about a Palestinian state irrelevant."

There are currently more than half a million Israeli settlers living inside the West Bank. The presence and growth of these settlements makes it impossible to conceive of a geographically connected and liveable Palestine.

Meanwhile, it remains a complete wonder why modern western nations, supposed champions of peoples' right to self-determination, still fail to confront Israel with the wrong it has been doing for decades.

US soldier 'deserves the death sentence'

Robert Bales, the US staff sergeant who killed 16 Afghan villagers last week, may have been under stress, temporarily insane or carried away by racial anger, but it doesn't matter: the gravity of his crime must alone determine the punishment, columnist Mazen Hammad wrote in yesterday's edition of the Qatari newspaper Al Watan.

Sgt Bales's lawyers are already trying out various justifications for their client's heinous crime, the columnist said. But what exactly are they trying to defend? Not only did he murder 16 innocent Afghan civilians in the dead of night, but he "took the time to slaughter nine children among them".

"In light of this, there is no room to eschew the fitting judicial punishment against Bales … which is the death sentence."

Some reports said Sgt Bales had been drinking; other reports suggested he had seen the leg of one of his comrades amputated.

Whatever the case, grieving Afghan families in Kandahar and the Afghan people at large want to see justice done.

The best chance for Sgt Bales's lawyers is to claim their client was mentally unstable due to war stress. But no one will buy that, the columnist said. If there is anyone who must be suffering from post-traumatic stress, it is the Afghan people.

* Digest compiled by Achraf El Bahi

The Little Things

Directed by: John Lee Hancock

Starring: Denzel Washington, Rami Malek, Jared Leto

Four stars

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.”

If you go

The Flights

Emirates and Etihad fly direct to Johannesburg from Dubai and Abu Dhabi respectively. Economy return tickets cost from Dh2,650, including taxes.

The trip

Worldwide Motorhoming Holidays (worldwidemotorhomingholidays.co.uk) operates fly-drive motorhome holidays in eight destinations, including South Africa. Its 14-day Kruger and the Battlefields itinerary starts from Dh17,500, including campgrounds, excursions, unit hire and flights. Bobo Campers has a range of RVs for hire, including the 4-berth Discoverer 4 from Dh600 per day.

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Tips from the expert

Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.

  1. Sellers should focus on providing high-quality used goods at attractive prices to buyers.
  2. It’s important to use clear and appealing photos, with catchy titles and detailed descriptions to capture the attention of prospective buyers.
  3. Try to advertise a realistic price to attract buyers looking for good deals, especially in the current environment where consumers are significantly more price-sensitive.
  4. Be creative and look around your home for valuable items that you no longer need but might be useful to others.
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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The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

Related

Miss Granny

Director: Joyce Bernal

Starring: Sarah Geronimo, James Reid, Xian Lim, Nova Villa

3/5

(Tagalog with Eng/Ar subtitles)

Company%C2%A0profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ETuhoon%0D%3Cbr%3E%3Cstrong%3EYear%20started%3A%20%3C%2Fstrong%3EJune%202021%0D%3Cbr%3E%3Cstrong%3ECo-founders%3A%20%3C%2Fstrong%3EFares%20Ghandour%2C%20Dr%20Naif%20Almutawa%2C%20Aymane%20Sennoussi%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ERiyadh%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3Ehealth%20care%0D%3Cbr%3E%3Cstrong%3ESize%3A%20%3C%2Fstrong%3E15%20employees%2C%20%24250%2C000%20in%20revenue%0D%3Cbr%3EI%3Cstrong%3Envestment%20stage%3A%20s%3C%2Fstrong%3Eeed%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EWamda%20Capital%2C%20Nuwa%20Capital%2C%20angel%20investors%3C%2Fp%3E%0A
The specs
Engine: 4.0-litre flat-six
Power: 510hp at 9,000rpm
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Price: From Dh801,800
The bio

Date of Birth: April 25, 1993
Place of Birth: Dubai, UAE
Marital Status: Single
School: Al Sufouh in Jumeirah, Dubai
University: Emirates Airline National Cadet Programme and Hamdan University
Job Title: Pilot, First Officer
Number of hours flying in a Boeing 777: 1,200
Number of flights: Approximately 300
Hobbies: Exercising
Nicest destination: Milan, New Zealand, Seattle for shopping
Least nice destination: Kabul, but someone has to do it. It’s not scary but at least you can tick the box that you’ve been
Favourite place to visit: Dubai, there’s no place like home

Specs

Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request

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Representing%20UAE%20overseas
%3Cp%3E%0DIf%20Catherine%20Richards%20debuts%20for%20Wales%20in%20the%20Six%20Nations%2C%20she%20will%20be%20the%20latest%20to%20have%20made%20it%20from%20the%20UAE%20to%20the%20top%20tier%20of%20the%20international%20game%20in%20the%20oval%20ball%20codes.%0D%3Cbr%3E%20%0D%3Cbr%3E%3Cstrong%3ESeren%20Gough-Walters%20(Wales%20rugby%20league)%3C%2Fstrong%3E%0D%3Cbr%3EBorn%20in%20Dubai%2C%20raised%20in%20Sharjah%2C%20and%20once%20an%20immigration%20officer%20at%20the%20British%20Embassy%20in%20Abu%20Dhabi%2C%20she%20debuted%20for%20Wales%20in%20rugby%20league%20in%202021.%0D%3Cbr%3E%20%0D%3Cbr%3E%3Cstrong%3ESophie%20Shams%20(England%20sevens)%3C%2Fstrong%3E%0D%3Cbr%3EWith%20an%20Emirati%20father%20and%20English%20mother%2C%20Shams%20excelled%20at%20rugby%20at%20school%20in%20Dubai%2C%20and%20went%20on%20to%20represent%20England%20on%20the%20sevens%20circuit.%20%0D%3Cbr%3E%20%0D%3Cbr%3E%3Cstrong%3EFiona%20Reidy%20(Ireland)%3C%2Fstrong%3E%0D%3Cbr%3EMade%20her%20Test%20rugby%20bow%20for%20Ireland%20against%20England%20in%202015%2C%20having%20played%20for%20four%20years%20in%20the%20capital%20with%20Abu%20Dhabi%20Harlequins%20previously.%0D%3C%2Fp%3E%0A
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)