DUBAI, UNITED ARAB EMIRATES, 9 APRIL  2017. 

Majid Al Futaim Group booth at Careers UAE fair 2017.

Careers UAE is a platform for both employers and UAE Nationals who are looking to further their career. This three-day fair provides a dedicated platform for more than 160 UAE-based companies of all scale and size with direct access to graduate and highly-skilled UAE nationals at various career stages. 
Photo: Reem Mohammed / The National (Reporter: Dana Moukhallati / Section: NA) ID 77161 *** Local Caption ***  20170409_CAREERS_010.JPG
A group of young Emirati women attend a careers fair in Dubai. Reem Mohammed / The National

Vision 2021 sends a strong message to enhance skills and find local talent



Earlier this month we celebrated the UAE's 46th National Day. There is so much that we can be proud of as a country. As chief human resource officer of one of the UAE's banks, I am particularly proud of the role played by our nation's leaders in nurturing and supporting such a hardworking and talented Emirati workforce.

They have always recognised that young people are our future. They have the potential to be global citizens who help companies to shape societies and economies by bringing fresh and compassionate points of view, ideas, vigour and passion to the table.

Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, has prioritised building a knowledge-based economy by empowering the national workforce. In 2014, he launched a seven-year nationalisation plan as part of the UAE Vision 2021, which aims to develop the skills of Emiratis and fill senior-level positions with local talent. This is being done through a points system that ranks and rewards performance across key areas, including employing women, supporting education and training, and encouraging flexible working conditions.

This sends a strong message to all industries that it is not enough to just "tick the box" when it comes to Emiratisation. Organisations need to create a culture of growth for Emiratis by taking a long-term view and building integrated and holistic Emiratisation programmes.

Yet Emiratis continue to be under-represented in the private sector. The Ministry of Human Resources and Emiratisation found that 38 per cent of Emirati jobseekers felt private sector salaries weren't competitive enough and that 33 per cent refused a position due to geographical location.

To fix this, the private sector needs to ensure that nationals can gain access to entry-level positions and access the tools needed to build their capabilities, so that they can move on to positions with greater leadership and responsibility. Companies must invest in human capital through supportive infrastructure, personal mentoring, and the development of succession plans for national talent. And they must partner with the public sector and educational institutions so that market needs, industry trends and curriculum can interlink.

My sector, banking, remains an attractive career path for Emiratis, who find it stable, attractive and flexible. Since December last year, the broader financial services sector achieved Emiratisation levels of 20 to 45 per cent. I am proud to say that Commercial Bank International achieved 330 Emiratisation points in September 2017, exceeding the Central Bank target of 208 points by December 2017.

Helping a UAE bank to achieve this has been one of my biggest career achievements to date.

I have the Mother of the Nation, Sheikha Fatima bint Mubarak, to thank for much of my career success. She has been my main role model and a true source of inspiration to me throughout my working life, as she has been for so many other Emirati women.

By positioning the female agenda firmly at the centre of government prioritisation, she has set the foundation for women's empowerment in the UAE and inspired thousands of other women to each play a role in this progress.

The UAE now sets an example for many countries in the Middle East and across the rest of the world. In 2012, we became the first country in the Arab region and the second country in the world to introduce a mandatory female presence in the boardroom. In February 2015, the UAE formed a Gender Balance Council to oversee government efforts to ensure gender balance and one year later, eight new federal ministerial appointments were announced, five of which were Emirati women.

To continue this powerful momentum in both the public and private sector, we need to prepare women for leadership positions by creating opportunities and developing skills through training and mentorship.

Understanding my professional potential was one of my biggest barriers early on in my career, as I did not have the confidence to take a seat at the table and make my goals known. My mentor at the time motivated me to push myself out of my comfort zone, and I quickly realised that I was limiting my possibilities before. Through self-assessment and feedback from others, I continued to make my career objectives known, and was able to overcome my barriers.

My advice to young Emiratis, male or female, looking to enter the private sector, is to surround yourself with brilliant leaders and learn from their examples. Ensure that you have a formal or informal mentor or coach; their network, advice and resources will be invaluable to your growth early in your career. And say yes to as many things you can. This is the only way to expand your horizon and deepen your business knowledge.

Hessa Al Ghurair is chief human resources officer of CBI

KEY DATES IN AMAZON'S HISTORY

July 5, 1994: Jeff Bezos founds Cadabra Inc, which would later be renamed to Amazon.com, because his lawyer misheard the name as 'cadaver'. In its earliest days, the bookstore operated out of a rented garage in Bellevue, Washington

July 16, 1995: Amazon formally opens as an online bookseller. Fluid Concepts and Creative Analogies: Computer Models of the Fundamental Mechanisms of Thought becomes the first item sold on Amazon

1997: Amazon goes public at $18 a share, which has grown about 1,000 per cent at present. Its highest closing price was $197.85 on June 27, 2024

1998: Amazon acquires IMDb, its first major acquisition. It also starts selling CDs and DVDs

2000: Amazon Marketplace opens, allowing people to sell items on the website

2002: Amazon forms what would become Amazon Web Services, opening the Amazon.com platform to all developers. The cloud unit would follow in 2006

2003: Amazon turns in an annual profit of $75 million, the first time it ended a year in the black

2005: Amazon Prime is introduced, its first-ever subscription service that offered US customers free two-day shipping for $79 a year

2006: Amazon Unbox is unveiled, the company's video service that would later morph into Amazon Instant Video and, ultimately, Amazon Video

2007: Amazon's first hardware product, the Kindle e-reader, is introduced; the Fire TV and Fire Phone would come in 2014. Grocery service Amazon Fresh is also started

2009: Amazon introduces Amazon Basics, its in-house label for a variety of products

2010: The foundations for Amazon Studios were laid. Its first original streaming content debuted in 2013

2011: The Amazon Appstore for Google's Android is launched. It is still unavailable on Apple's iOS

2014: The Amazon Echo is launched, a speaker that acts as a personal digital assistant powered by Alexa

2017: Amazon acquires Whole Foods for $13.7 billion, its biggest acquisition

2018: Amazon's market cap briefly crosses the $1 trillion mark, making it, at the time, only the third company to achieve that milestone

SQUADS

Pakistan: Sarfraz Ahmed (capt), Azhar Ali, Shan Masood, Sami Aslam, Babar Azam, Asad Shafiq, Haris Sohail, Usman Salahuddin, Yasir Shah, Mohammad Asghar, Bilal Asif, Mir Hamza, Mohammad Amir, Hasan Ali, Mohammad Abbas, Wahab Riaz

Sri Lanka: Dinesh Chandimal (capt), Lahiru Thirimanne (vice-capt), Dimuth Karunaratne, Kaushal Silva, Kusal Mendis, Sadeera Samarawickrama, Roshen Silva, Niroshan Dickwella, Rangana Herath, Lakshan Sandakan, Dilruwan Perera, Suranga Lakmal, Nuwan Pradeep, Vishwa Fernando, Lahiru Gamage

Umpires: Ian Gould (ENG) and Nigel Llong (ENG)
TV umpire: Richard Kettleborough (ENG)
ICC match referee: Andy Pycroft (ZIM)

FFP EXPLAINED

What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.

What the rules dictate? 
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.

What are the penalties? 
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.

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.”

Match info

Bournemouth 0
Liverpool 4
(Salah 25', 48', 76', Cook 68' OG)

Man of the match: Andrew Robertson (Liverpool)

Command Z

Director: Steven Soderbergh

Stars: Michael Cera, Liev Schreiber, Chloe Radcliffe

Rating: 3/5

War

Director: Siddharth Anand

Cast: Hrithik Roshan, Tiger Shroff, Ashutosh Rana, Vaani Kapoor

Rating: Two out of five stars 

Huddersfield Town permanent signings:

  • Steve Mounie (striker): signed from Montpellier for £11 million
  • Tom Ince (winger): signed from Derby County for £7.7m
  • Aaron Mooy (midfielder): signed from Manchester City for £7.7m
  • Laurent Depoitre (striker): signed from Porto for £3.4m
  • Scott Malone (defender): signed from Fulham for £3.3m
  • Zanka (defender): signed from Copenhagen for £2.3m
  • Elias Kachunga (winger): signed for Ingolstadt for £1.1m
  • Danny WIlliams (midfielder): signed from Reading on a free transfer
Company Profile

Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government

MATCH INFO

Barcelona 2
Suarez (10'), Messi (52')

Real Madrid 2
Ronaldo (14'), Bale (72')