The government will ask companies to prioritise Emiratis over expats for jobs in about 2,000 companies as part of a drive to push more UAE nationals into the private sector.
The Ministry of Emiratisation and Human Resources has selected 400 job titles of positions that it wants to see Emiratis given the opportunity to fill, before an expat is brought in to take the role.
Officials said companies would not be compelled to take UAE nationals on - but give them an interview or opportunity they may not have otherwise been given.
The selected posts have a salary that exceeds Dh10,000, and are based on professions currently filled by UAE nationals.
The aim is to provide 15,000 job opportunities for Emiratis by the end of this year.
That would mark a significant rise on 2017, when the the ministry found jobs for 6,862 Emiratis in the private sector. That was up from 5,608 in 2016.
When one of the 2,000 companies seeks to recruit an expat for a position, the ministry will scan the market for a suitable Emirati.
If none is found, the company can go ahead and recruit the expat.
If a potential Emirati recruit is found, the company has to interview them and will be encouraged to prioritise them - if they are fit for the job.
“At the end of the day, the ministry will not force the company to recruit the Emirati, only to prioritise them,” said Minister Nasser bin Thani Al Hamli, who was newly appointed in October.
And if the company sees the Emirati candidate as unfit, they should justify the reasons to the ministry.
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“We will receive their feedback, and train the Emirati to become qualified, of course they can go ahead in the mean time and recruit someone to fill the post - we won’t keep the post on hold," he said.
He did not provide examples of the selected companies, but described them as important players in the UAE’s economic supply chain, and that provide job security and have a large number of employees.
The nationwide drive is similar to the role played by Abu Dhabi's Tawteen Council, which was phased out in 2015 and made part of the Human Resources Authority.
The minister said the drive will not leave expats who were originally selected for the job in limbo.
“This procedure will take place from the start, before the company applies for the work visa. They will apply for the work contract, and no one will leave his job or enter the country before having a contract ready," Mr Al Hamli said.
Once companies get used to the concept, he hopes they will start to scan the market from themselves for Emiratis first.
“We are now in a transition period, so in this phase the companies will be shuffling their priorities," he said.
Members of the Federal National Council have repeatedly asked the government to do more to boost employment levels, claiming too many graduates in particular are unable to find good jobs.
“The goal is to speed up Emiratisation in the private sector and give a chance to UAE nationals to be interviewed.”
Nevertheless, Emiratisation is moving at a slow pace and the ministry had to take initiatives to speed it up, he said.
“Emiratisation is a joint responsibility and will be achieved by building partnerships; the government will synchronise with the private sector," the minister said.
At present, there are 4,155 Emirati candidates registered in the ministry’s database, which companies can already search for by qualification and job area.
As an incentive for companies who cooperate with the scheme, they will be given discounts on government fees relating to their business.
In addition, the ministry will also offer to set “satellite offices” for companies in rural areas, to boost employment there.
The first office was set in Khor Fakkan for Emirates National Bank of Dubai, which has so far recruited ten Emiratis.
By the end of 2018, 1,500 such offices will open based on companies’ requests in Ras Al Khaiman, Fujairah and Khor Fakkan.
“And in the coming years, similar offices will open in Mussafah, Bida’ Zayed, Al Ain, Al Dhaid, Ajman and Um Al Quwain," the minister added.
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.”
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All matches start at 10am, and will be played in Abu Dhabi
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2nd ODI, Sunday, January 10
3rd ODI, Tuesday, January 12
4th ODI, Thursday, January 14
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Started: January 2021
Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani
Based: UAE
Number of employees: 140
Sector: B2B Vertical SaaS(software as a service)
Investment: $5.2 million
Funding stage: Seed round
Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office
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Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
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Our legal consultant
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Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
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Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
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Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
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