UAE to empower local talent to drive economic growth, Sheikh Mansour bin Zayed says

The Projects of the 50 plan is aimed at 'grooming a new generation of business leaders', he says

Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs. All private sector companies in the UAE should have a workforce that is at least 10 per cent Emirati in five yearsShow more

The UAE is seeking to drive economic growth by unleashing the potential of its citizens and empowering them to further boost their participation in the labour market as part of the country's Projects of 50 plan, Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, said.

Sheikh Mansour, who made the remarks while chairing a board meeting of the Central Bank of the UAE (CBUAE) on September 14, emphasised that the Projects of 50 plan, which is aimed at increasing the Emirati workforce in the private sector, will help drive the country's economic growth, state-run news agency Wam reported on Tuesday.

"These projects are aimed at grooming a new generation of business leaders capable of spearheading the country's business sectors and platforms through an investment-friendly environment conducive to boosting competitiveness and productivity," Sheikh Mansour said.

The UAE earlier this week revealed a series of major projects to boost the UAE's economy and development as part of the 'Projects of the 50' plan. The latest 13 items that were revealed included boosting the country's human capital and increasing the number of Emiratis employed in the private sector. All private sector companies in the UAE should have a workforce that is at least 10 per cent Emirati in five years' time.

The CBUAE board meeting on September 14 also discussed and approved the measures taken against financial establishments that violated the regulator's instructions and systems.

These measures include financial fines of up to Dh17,311,000 against the violators. The board also revoked the licence of Arabian Exchange for violating rules, Wam reported, without providing further details.

Sheikh Mansour also directed the senior and executive management teams as well as the CBUAE officials to accelerate efforts aimed at ensuring financial stability and resilience, and continue the success achieved in containing the fallout from the Covid-19 pandemic, the state-run agency reported.