Omar Al Olama, Minister of State for Artificial Intelligence, at the opening of the Centre for the Fourth Industrial Revolution in Dubai in April 2019. Recruiters say technology roles are particularly in demand and can be an attractive sector for Emiratis. Satish Kumar / The National
Masdar Institute student Ahmed Al Harithi at work on his research project exploring the potential for local strains of algae to produce biofuel. According to official sources, the UAE is moving towards potentially creating up to 100,000 jobs in the renewable energy sector by 2030 with attractive salaries. Mike Malate / Masdar Institute
In banking and financial services, the starting salary ranges from Dh18,000 to Dh35,000 depending on the level of seniority. Paulo Vecina / The National
Healthcare, pharma and biotechnology also offer high salaries in the Emirates. Starting salaries are between Dh25,000 and Dh45,000. Antonie Robertson / The National
Fast moving consumer goods is another sector that can attract Emiratis.
The ambitious strategy - part of the UAE's Projects of the 50 - aims to create 75,000 private sector roles for UAE citizens by 2026.
Experts believe the forward-thinking initiative, which will include incentives such as paid training programmes, subsidies for Emiratis working in the private sector and support for local entrepreneurs, will help companies secure outstanding local talent who may otherwise have remained in the public sector.
We find that [Emiratis] get snapped up very quickly, so more Emirati talent willing to consider working in the private sector is very encouraging, especially targeting Emiratis into the healthcare system
Louise Vine, Inspire Selection
In terms of the sectors that could attract Emiratis, technology, engineering and healthcare are expected to be the most in demand.
For fresh graduates, they will likely move into roles specialising in human resources and administration, finance and investment, data entry and customer service.
Louise Vine, managing director at Inspire Selection recruitment agency in Dubai, said the job market has changed for everyone over the past 18 months.
“The large local semi-government organisations that have typically recruited a lot of Emirati graduates have, for the time being, reduced their hiring,” she said.
“This has opened the doors for the private sector to position themselves as a viable option for young Emiratis.
“We often come across exceptional Emiratis when head hunting, but we find that they get snapped up very quickly, so more Emirati talent willing to consider working in the private sector is very encouraging, especially targeting Emiratis into the healthcare system.”
She said her team often places new Emirati talent into sectors such as engineering, human resources, marketing, financial services and professional services.
The UAE unveiled a sweeping program of reforms and financial incentives to drive new private sector opportunities for both young and experienced Emiratis. All photos: WAM
Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs, and Mohammed Al Gergawi, Minister of Cabinet Affairs, were present as the new projects were revealed.
The government will invest Dh24 billion to create 75,000 new private sector jobs for Emiratis.
The new announcements included grants for students and new graduates to take up private sector roles and a Dh1 billion graduate business development fund.
Ghannam Al Mazrouei, general secretary of the newly formed Emirati Talent Competitiveness Council, announced the details of the new initiatives.
Top priorities when looking for a job
Nevin Lewis, chief executive of Black and Grey Human Resources in the UAE, said with guaranteed training for Emiratis in the private sector, he expects more Emiratis to venture into career-based technical and vocational roles.
And because Emiratis are future-focused, their top priorities when picking the right job will be “learning and development initiatives, corporate culture and employer brand”.
Rohini Bhalla, a senior consultant at GGC HR consultancy in Dubai, said Emiratis usually look to join the finance sector but she expects this trend to broaden as benefits increase across different roles.
"Recently, we have seen that they are looking to go into the less traditional sectors including aviation. Aviation brings benefits like discounted tickets," she said.
"The healthcare and sciences fields have also registered more interest following the Covid-19 outbreak.
"For many Emiratis, money is not a motivator, they are looking to make a difference to the growth of the country and their careers."
Top 5 sectors that could attract Emiratis
Technology. Artificial intelligence, robotics, automation and advanced manufacturing, virtual reality, augmented reality, big data and data analysis.
Starting salary: Dh17,000 to Dh40,000 plus benefits - varies depending on the skills, calibre, function and certifications.
Energy (green power) and transport. Renewable energy, district cooling, nuclear power, mobility, automotive and aviation, but trends suggest most will venture into engineering and technical roles.
Starting Salary: Dh20,000 to Dh40,000 - varies depending on the skills, calibre, function and certifications.
Services. Banking, financial, insurance and investments services, tourism, academia, retail.
Starting Salary: Dh18,000 to Dh35,000 depending on level of seniority in starting role.
Fast-moving consumer goods in multinational corporations and agriculture. Buyer, merchandiser, sales assistant, logistics manager, among others.
Starting Salary: Dh18,000 to Dh35,000 - varies depending on the skills, calibre, function and certifications.
Source: Black and Grey Human Resources
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
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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.”
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
The line up
Friday: Giggs, Sho Madjozi and Masego
Saturday: Nas, Lion Bbae, Roxanne Shante and DaniLeigh
Sole DXB runs from December 6 to 8 at Dubai Design District. Weekend pass is Dh295 while a one day pass is Dh195. Tickets are available from www.soledxb.com
