Sheikh Hamdan unveils training scheme for 5,000 Emiratis in future technology

Dubai on Tuesday unveiled a plan to train 5,000 UAE citizens in future technology over the next five years and boost Emiratisation targets in the private sector.

The announcement by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence, comes after a meeting of the Higher Committee for Future Technology Development and Digital Economy.

Sheikh Hamdan said the training would prepare Emiratis to work in tech in the private sector. "This initiative is part of a package of projects designed to foster start-up growth, support national talent, and drive innovation and entrepreneurship," he said on his official social media handle.

"Dubai is a city that doesn't just compete globally – it creates its own future by nurturing national talent and offering an environment that encourages creativity and leadership."

The move is in line with the vision of Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, "to build a strong, sustainable digital economy for our future generations, positioning Dubai at the forefront of the world’s cities". Sheikh Mohammed in May said the number of Emiratis working in the private sector had exceeded 100,000 for the first time.

Making Dubai future-ready

Sheikh Hamdan has been working to accelerate the adoption of artificial intelligence (AI) across various sectors, and said keeping pace with technological trends was key to the success of governments and societies. Prompt engineering involves creating precise instructions for AI systems to achieve desired outcomes in various tasks, from generating creative content to solving complex challenges.

In May, Sheikh Hamdan announced a scheme to train one million people in AI-prompt engineering over the next three years. The project was unveiled in line with the Dubai Universal Blueprint for Artificial Intelligence, which aims to accelerate the adoption of AI applications. Training courses will be provided with those taking part also being featured in competitions to showcase their skills.

“We are experiencing a tremendous acceleration in technological progress, which requires new skills in labour markets," said Sheikh Hamdan at the time. "Coding was formerly in demand but today prompt engineering has become one of the most promising skills.

"We want to be the most future-ready city and to continue preparing for the AI era by developing expertise and skills that support global technological transformation, placing Dubai at the forefront of innovation.”

In June, Sheikh Hamdan approved the next phase of the Dubai Future Solutions project, aimed at supporting and nurturing talent to help transform the emirate into a centre of global innovation.

Emiratisation targets in private sector

The UAE has embarked on a major push in recent years to encourage more Emiratis to join the private sector, which remains a driving force behind the nation's economic development.

The Nafis programme was introduced in September 2021 with a mission to ensure 10 per cent of all skilled jobs in private companies are taken up by UAE citizens by the end of 2026. Businesses with 50 or more employees were mandated to ensure at least 5 per cent of skilled roles were filled by Emiratis by June 30, with fines imposed from July 1 for those that failed to do so.

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Will the pound fall to parity with the dollar?

The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.

Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.

New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.

“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.

The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.

The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.

Bloomberg