With regional oil reserves decreasing, a major challenge will be to move towards wealth creation by the private sector. Amy Leang/The National
With regional oil reserves decreasing, a major challenge will be to move towards wealth creation by the private sector. Amy Leang/The National

Arabian Gulf needs 51 million jobs by 2020



DUBAI // At least 51 million jobs are needed by 2020 to avoid a rise in unemployment among Arabian Gulf nationals, experts have warned.

With regional oil reserves decreasing, a major challenge will be to move towards wealth creation by the private sector.

“We can see, based on projections by the International Monetary Fund, that between now and 2017, there are structural changes happening in the world,” said Dr Hatem Al Shanfari, a professor in economics and finance at Sultan Qaboos University and a member of the board of governors at the Central Bank of Oman.

“The landscape that is shaping up in the future with regards to these natural commodities is changing, so we are no longer likely to see the Arabian Gulf at the forefront of the proven oil reserves, but other regions like the US, North and South America are likely to take more permanent roles in that,” he said at a Nato conference in Dubai last week.

Regional unemployment is about 11 per cent but youth unemployment is up to 25 per cent, Dr Al Shanfari said.

“That is high compared to the world average of just below 15 per cent. This means job creation is at the top of the list, but the right type of jobs are needed,” he said.

More than 50 per cent of Arab youth are younger than 24 and those between the ages of 15 and 29 constitute a third of the total population.

The IMF expects six million new jobs to be created by 2015, but more than two-thirds of them will go to expatriates. This means an estimated three million unemployed nationals in the GCC.

The IMF also estimates that, for the past decade in the Arabian Gulf, about seven million jobs have been created, 70 per cent of which went to expatriates.

“There’s a mismatch between the economic growth and the jobs created for nationals,” Dr Al Shanfari said. “It’s going to be very challenging because there has to be a structural change in the economy and, as GCC countries are spending more money on their infrastructure, the nature of that investment will bring more expatriates because that’s the required workforce.

“So we have to shift towards more protective means and high value-added services and manufacturing, and that’s where the nationals can benefit.

“Most countries are struggling to move away from oil but rapid economic growth cannot be sustained unless they create jobs.”

The situation is worse for Arabian Gulf countries with fewer natural resources, he said.

“Oman’s and Bahrain’s expenditure is still concentrated on infrastructure projects and that’s not going to help the public or local population create the right jobs that will meet their aspirations,” Dr Al Shanfari said.

“There is a real challenge that we cannot be complacent about, relying on commodities that have done extremely well for us in the past.

“We have to be wiser in terms of diversity, we have to be able to compete internationally and move from this inherited wealth towards a created wealth that the private sector can drive.”

According to the BP Statistical Review of World Energy issued in June, Middle East oil reserves could last for 78 years while in South and Central America that number extends beyond 100 years.

“In the next 10 to 15 years, the US will be self-sufficient in terms of oil so they will move away from the oil market,” said Dr Firuz Demir Yasamis, the director of diplomacy at the American University in the Emirates.

“Although a third of the oil consumed in the world was produced in the Arabian peninsula, nobody can be sure about the reserves so there should be more jobs created for Gulf nationals because, one day, oil will run out.”

cmalek@thenational.ae

MATCH INFO

Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid

When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid

Ireland v Denmark: The last two years

Denmark 1-1 Ireland 

7/06/19, Euro 2020 qualifier 

Denmark 0-0 Ireland

19/11/2018, Nations League

Ireland 0-0 Denmark

13/10/2018, Nations League

Ireland 1 Denmark 5

14/11/2017, World Cup qualifier

Denmark 0-0 Ireland

11/11/2017, World Cup qualifier

 

 

 

COMPANY PROFILE

Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends

FINAL SCORES

Fujairah 130 for 8 in 20 overs

(Sandy Sandeep 29, Hamdan Tahir 26 no, Umair Ali 2-15)

Sharjah 131 for 8 in 19.3 overs

(Kashif Daud 51, Umair Ali 20, Rohan Mustafa 2-17, Sabir Rao 2-26)

Babumoshai Bandookbaaz

Director: Kushan Nandy

Starring: Nawazuddin Siddiqui, Bidita Bag, Jatin Goswami

Three stars

Company Profile

Company name: myZoi
Started: 2021
Founders: Syed Ali, Christian Buchholz, Shanawaz Rouf, Arsalan Siddiqui, Nabid Hassan
Based: UAE
Number of staff: 37
Investment: Initial undisclosed funding from SC Ventures; second round of funding totalling $14 million from a consortium of SBI, a Japanese VC firm, and SC Venture

The Year Earth Changed

Directed by:Tom Beard

Narrated by: Sir David Attenborough

Stars: 4

The Iron Claw

Director: Sean Durkin 

Starring: Zac Efron, Jeremy Allen White, Harris Dickinson, Maura Tierney, Holt McCallany, Lily James

Rating: 4/5

Roll of honour: Who won what in 2018/19?

West Asia Premiership: Winners – Bahrain; Runners-up – Dubai Exiles

UAE Premiership: Winners – Abu Dhabi Harlequins; Runners-up  Jebel Ali Dragons

Dubai Rugby Sevens: Winners – Dubai Hurricanes; Runners-up – Abu Dhabi Harlequins

UAE Conference: Winners  Dubai Tigers; Runners-up  Al Ain Amblers

2019 ASIAN CUP FINAL

Japan v Qatar
Friday, 6pm
Zayed Sports City Stadium, Abu Dhabi

Dengue fever symptoms
  • High fever
  • Intense pain behind your eyes
  • Severe headache
  • Muscle and joint pains
  • Nausea
  • Vomiting
  • Swollen glands
  • Rash

If symptoms occur, they usually last for two-seven days

Veere di Wedding
Dir: Shashanka Ghosh
Starring: Kareena Kapoo-Khan, Sonam Kapoor, Swara Bhaskar and Shikha Talsania ​​​​​​​
Verdict: 4 Stars

Kill

Director: Nikhil Nagesh Bhat

Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal

Rating: 4.5/5

Second ODI

England 322-7 (50 ovs)
India 236 (50 ovs)

England win by 86 runs

Next match: Tuesday, July 17, Headingley 

The Roundup : No Way Out

Director: Lee Sang-yong
Stars: Don Lee, Lee Jun-hyuk, Munetaka Aoki
Rating: 3/5

AUSTRALIA SQUAD

Aaron Finch, Matt Renshaw, Brendan Doggett, Michael Neser, Usman Khawaja, Shaun Marsh, Mitchell Marsh, Tim Paine (captain), Travis Head, Marnus Labuschagne, Nathan Lyon, Jon Holland, Ashton Agar, Mitchell Starc, Peter Siddle

What's in my pazhamkootan?

Add:
Parippu – moong dal and coconut curry
Sambar – vegetable-infused toor dal curry
Aviyal – mixed vegetables in thick coconut paste
Thoran – beans and other dry veggies with spiced coconut
Khichdi – lentil and rice porridge


Optional:
Kootukari – stew of black chickpeas, raw banana, yam and coconut paste
Olan – ash gourd curry with coconut milk
Pulissery – spiced buttermilk curry
Rasam – spice-infused soup with a tamarind base


Avoid:
Payasam – sweet vermicelli kheer

The specs

Engine: two permanent magnet synchronous motors
Transmission: two-speed
Power: 625hp
Torque: 850Nm
Range: 456km
Price: from Dh737,480
On sale: now

Milestones on the road to union

1970

October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar. 

December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.

1971

March 1:  Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.

July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.

July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.

August 6:  The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.

August 15: Bahrain becomes independent.

September 3: Qatar becomes independent.

November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.

November 29:  At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.

November 30: Despite  a power sharing agreement, Tehran takes full control of Abu Musa. 

November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties

December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.

December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.

December 9: UAE joins the United Nations.

Diriyah project at a glance

- Diriyah’s 1.9km King Salman Boulevard, a Parisian Champs-Elysees-inspired avenue, is scheduled for completion in 2028
- The Royal Diriyah Opera House is expected to be completed in four years
- Diriyah’s first of 42 hotels, the Bab Samhan hotel, will open in the first quarter of 2024
- On completion in 2030, the Diriyah project is forecast to accommodate more than 100,000 people
- The $63.2 billion Diriyah project will contribute $7.2 billion to the kingdom’s GDP
- It will create more than 178,000 jobs and aims to attract more than 50 million visits a year
- About 2,000 people work for the Diriyah Company, with more than 86 per cent being Saudi citizens

Medicus AI

Started: 2016

Founder(s): Dr Baher Al Hakim, Dr Nadine Nehme and Makram Saleh

Based: Vienna, Austria; started in Dubai

Sector: Health Tech

Staff: 119

Funding: €7.7 million (Dh31m)

 

Specs: 2024 McLaren Artura Spider

Engine: 3.0-litre twin-turbo V6 and electric motor
Max power: 700hp at 7,500rpm
Max torque: 720Nm at 2,250rpm
Transmission: Eight-speed dual-clutch auto
0-100km/h: 3.0sec
Top speed: 330kph
Price: From Dh1.14 million ($311,000)
On sale: Now

How Apple's credit card works

The Apple Card looks different from a traditional credit card — there's no number on the front and the users' name is etched in metal. The card expands the company's digital Apple Pay services, marrying the physical card to a virtual one and integrating both with the iPhone. Its attributes include quick sign-up, elimination of most fees, strong security protections and cash back.

What does it cost?

Apple says there are no fees associated with the card. That means no late fee, no annual fee, no international fee and no over-the-limit fees. It also said it aims to have among the lowest interest rates in the industry. Users must have an iPhone to use the card, which comes at a cost. But they will earn cash back on their purchases — 3 per cent on Apple purchases, 2 per cent on those with the virtual card and 1 per cent with the physical card. Apple says it is the only card to provide those rewards in real time, so that cash earned can be used immediately.

What will the interest rate be?

The card doesn't come out until summer but Apple has said that as of March, the variable annual percentage rate on the card could be anywhere from 13.24 per cent to 24.24 per cent based on creditworthiness. That's in line with the rest of the market, according to analysts

What about security? 

The physical card has no numbers so purchases are made with the embedded chip and the digital version lives in your Apple Wallet on your phone, where it's protected by fingerprints or facial recognition. That means that even if someone steals your phone, they won't be able to use the card to buy things.

Is it easy to use?

Apple says users will be able to sign up for the card in the Wallet app on their iPhone and begin using it almost immediately. It also tracks spending on the phone in a more user-friendly format, eliminating some of the gibberish that fills a traditional credit card statement. Plus it includes some budgeting tools, such as tracking spending and providing estimates of how much interest could be charged on a purchase to help people make an informed decision. 

* Associated Press 

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal

Rating: 2/5

Seven tips from Emirates NBD

1. Never respond to e-mails, calls or messages asking for account, card or internet banking details

2. Never store a card PIN (personal identification number) in your mobile or in your wallet

3. Ensure online shopping websites are secure and verified before providing card details

4. Change passwords periodically as a precautionary measure

5. Never share authentication data such as passwords, card PINs and OTPs  (one-time passwords) with third parties

6. Track bank notifications regarding transaction discrepancies

7. Report lost or stolen debit and credit cards immediately

Healthy tips to remember

Here, Dr Mohamed El Abiary, paediatric consultant at Al Zahra Hospital Dubai, shares some advice for parents whose children are fasting during the holy month of Ramadan:

Gradual fasting and golden points - For children under the age of 10, follow a step-by-step approach to fasting and don't push them beyond their limits. Start with a few hours fasting a day and increase it to a half fast and full fast when the child is ready. Every individual's ability varies as per the age and personal readiness. You could introduce a points system that awards the child and offers them encouragement when they make progress with the amount of hours they fast

Why fast? - Explain to your child why they are fasting. By shedding light on the importance of abstaining from food and drink, children may feel more encouraged to give it there all during the observance period. It is also a good opportunity to teach children about controlling urges, doing good for others and instilling healthy food habits

Sleep and suhoor - A child needs adequate sleep every night - at least eight hours. Make sure to set a routine early bedtime so he/she has sufficient time to wake up for suhoor, which is an essential meal at the beginning of the day

Good diet - Nutritious food is crucial to ensuring a healthy Ramadan for children. They must refrain from eating too much junk food as well as canned goods and snacks and drinks high in sugar. Foods that are rich in nutrients, vitamins and proteins, like fruits, fresh meats and vegetables, make for a good balanced diet

Takreem Awards winners 2021

Corporate Leadership: Carl Bistany (Lebanon)

Cultural Excellence: Hoor Al Qasimi (UAE)

Environmental Development and Sustainability: Bkerzay (Lebanon)

Environmental Development and Sustainability: Raya Ani (Iraq)

Humanitarian and Civic Services: Women’s Programs Association (Lebanon)

Humanitarian and Civic Services: Osamah Al Thini (Libya)

Excellence in Education: World Innovation Summit for Education (WISE) (Qatar)

Outstanding Arab Woman: Balghis Badri (Sudan)

Scientific and Technological Achievement: Mohamed Slim Alouini (KSA)

Young Entrepreneur: Omar Itani (Lebanon)

Lifetime Achievement: Suad Al Amiry (Palestine)

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.
Green ambitions
  • Trees: 1,500 to be planted, replacing 300 felled ones, with veteran oaks protected
  • Lake: Brown's centrepiece to be cleaned of silt that makes it as shallow as 2.5cm
  • Biodiversity: Bat cave to be added and habitats designed for kingfishers and little grebes
  • Flood risk: Longer grass, deeper lake, restored ponds and absorbent paths all meant to siphon off water 
UAE athletes heading to Paris 2024

Equestrian
Abdullah Humaid Al Muhairi, Abdullah Al Marri, Omar Al Marzooqi, Salem Al Suwaidi, and Ali Al Karbi (four to be selected).
Judo
Men: Narmandakh Bayanmunkh (66kg), Nugzari Tatalashvili (81kg), Aram Grigorian (90kg), Dzhafar Kostoev (100kg), Magomedomar Magomedomarov (+100kg); women's Khorloodoi Bishrelt (52kg).

Cycling
Safia Al Sayegh (women's road race).

Swimming
Men: Yousef Rashid Al Matroushi (100m freestyle); women: Maha Abdullah Al Shehi (200m freestyle).

Athletics
Maryam Mohammed Al Farsi (women's 100 metres).

THE STRANGERS' CASE

Director: Brandt Andersen
Starring: Omar Sy, Jason Beghe, Angeliki Papoulia
Rating: 4/5

The 12 breakaway clubs

England

Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur

Italy
AC Milan, Inter Milan, Juventus

Spain
Atletico Madrid, Barcelona, Real Madrid


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