Young Emiratis are our "greatest national resource" and their readiness for the job market is a focal point of Abu Dhabi's 2030 plan.
Young Emiratis are our "greatest national resource" and their readiness for the job market is a focal point of Abu Dhabi's 2030 plan.

Building a work force for the future



ABU DHABI // Abu Dhabi's women, young people and highly skilled expatriates must play a more prominent role in economic life over the next 20 years if the emirate hopes to realise its economic vision. The emirate must also make the development of isolated regions a top priority. These two ideas are central to the Abu Dhabi Government's Economic Vision 2030 report, which was launched yesterday and outlines the emirate's priority areas, objectives and guidelines for the next two decades.

By that date, the plan envisions a "sustainable and diversified" economy, "well-integrated" with the global system, that will provide opportunities for Emiratis and residents alike. Equipping young people to take over the economic reins is one of the main priorities identified in the 142-page report, along with having more women join the work force. Young people are Abu Dhabi's "greatest national resource", with nationals under the age of 24 accounting for 65.5 per cent of the population, it says. The challenge, however, lies in preparing them to enter the job market, especially in key sectors such as energy, finance, trade and manufacturing.

Potential solutions, it adds, include reforming the education system, and initiatives to increase the number of summer or part-time jobs to prepare students for the working world. The Government also believes that it is important to continue attracting and retaining skilled workers from overseas. "A focus on more highly skilled, high-income expatriate workers will have both economic and demographic benefits," the report states.

In Abu Dhabi, expatriates earn an average of Dh6,000 (US$1,633) a month, according to the report. However, many are paid less, meaning the expatriate population is comprised largely of working-age men who cannot afford to have their families here with them. This means "the expatriate population is strongly slanted towards working-age males, which has caused an overall age and gender imbalance in the Emirate's population".

Shifting the economy towards "higher value-added industries" could entice more families to live in the emirate. Having more families around would not only redress the gender imbalance but increase "the overall purchasing power". Higher salaries and improvements in areas such as education and health care could also help lure more skilled workers. More than half of Emirati households in Abu Dhabi bring home more than Dh10,000 a month. Most rely on only one breadwinner - something that will be redressed as more women and young people enter the work force.

Abu Dhabi's population, the report continues, has doubled in only two decades as a result of high birth rates, lower death rates and increased immigration. "The larger population presents Abu Dhabi with a great opportunity, providing the manpower to staff a 21st-century economy," it says. At the same time, it is important that the Government monitors the "social implications of development". According to 2005 figures published in the report, Emirati women in Abu Dhabi lag behind their peers in Norway, Canada, Egypt and Singapore when it comes to female participation in the work force.

However, with 18.5 per cent of Emirati women in Abu Dhabi employed, the emirate fares better than the UAE overall in terms of working women. Across the country, only 13 per cent of women are in jobs. Encouraging more women to join the work force, particularly in rural areas, will lead to greater economic development, the report states. It also suggests providing financial support to women who work from home.

Katty Marmenout, a research fellow in the Women and Leadership in the Middle East programme at Insead, a centre for executive education and research in Abu Dhabi, agreed more needed to be done to prepare women for the private sector. "There are many national women working now, but many largely prefer to work in the public sector. There must be more efforts exerted to prepare women and utilise them in the private sector."

Azza al Qubaisi, an Emirati artist and jewellery designer who founded the not-for-profit organisation Made in the UAE, said she thought the incentives provided to Emirati women were almost on par with thodr men receive. She praised initiatives such as the creation of nurseries in government offices, and Mubdiah, a programme established by the Abu Dhabi Businesswomen Council to support female Emirati entrepreneurs who work from home.

zconstantine@thenational.ae talramahi@thenational.ae

If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
THE LIGHT

Director: Tom Tykwer

Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger

Rating: 3/5

Cryopreservation: A timeline
  1. Keyhole surgery under general anaesthetic
  2. Ovarian tissue surgically removed
  3. Tissue processed in a high-tech facility
  4. Tissue re-implanted at a time of the patient’s choosing
  5. Full hormone production regained within 4-6 months
Five ways to get fit like Craig David (we tried for seven but ran out of time)

Start the week as you mean to go on. So get your training on strong on a Monday.

Train hard, but don’t take it all so seriously that it gets to the point where you’re not having fun and enjoying your friends and your family and going out for nice meals and doing that stuff.

Think about what you’re training or eating a certain way for — don’t, for example, get a six-pack to impress somebody else or lose weight to conform to society’s norms. It’s all nonsense.

Get your priorities right.

And last but not least, you should always, always chill on Sundays.

German intelligence warnings
  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

Source: Federal Office for the Protection of the Constitution

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
How to join and use Abu Dhabi’s public libraries

• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.

• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.

• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.

• If users do not wish to pay the fee, they can still use the library’s electronic resources for free by simply registering on the website. Once registered, a username and password is provided, allowing remote access.

• For more information visit the library network's website.

COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EAlmouneer%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Dr%20Noha%20Khater%20and%20Rania%20Kadry%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EEgypt%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E120%3Cbr%3E%3Cstrong%3EInvestment%3A%20%3C%2Fstrong%3EBootstrapped%2C%20with%20support%20from%20Insead%20and%20Egyptian%20government%2C%20seed%20round%20of%20%3Cbr%3E%243.6%20million%20led%20by%20Global%20Ventures%3Cbr%3E%3C%2Fp%3E%0A
Key developments

All times UTC 4

How to avoid crypto fraud
  • Use unique usernames and passwords while enabling multi-factor authentication.
  • Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
  • Avoid suspicious social media ads promoting fraudulent schemes.
  • Only invest in crypto projects that you fully understand.
  • Critically assess whether a project’s promises or returns seem too good to be true.
  • Only use reputable platforms that have a track record of strong regulatory compliance.
  • Store funds in hardware wallets as opposed to online exchanges.
Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

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.”

Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
  • Stay invested: Time in the market, not timing the market, is critical to long-term gains.
  • Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
  • Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
 
 
RedCrow Intelligence Company Profile

Started: 2016

Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel 

Based: Ramallah, Palestine

Sector: Technology, Security

# of staff: 13

Investment: $745,000

Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors

The specs: 2018 Mazda CX-5

Price, base / as tested: Dh89,000 / Dh130,000
Engine: 2.5-litre four-cylinder
Power: 188hp @ 6,000rpm
Torque: 251Nm @ 4,000rpm
Transmission: Six-speed automatic
​​​​​​​Fuel consumption, combined: 7.1L / 100km

The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5