Those who earn money in the UAE are torn over whether they would prefer to be self-employed or work for a company, a new survey conducted by the Middle East job site Bayt.com and research firm YouGov has found.
A total of 47 per cent of people participating in the Bayt.com Entrepreneurship in the Middle East Survey said they would prefer to work for themselves; 48 per cent of respondents said they would favour employment. Of the rest, 3 per cent replied “other” and 2 per cent that they would prefer to work in a family business.
Bayt.com conducted the survey to gauge the state the of the job market and workplace trends.
“The recent economic slowdown did impact how professionals viewed employment and it would be safe to say that this lead to a lot of enterprising professionals to take up the path of being self-employed,” says Bayt.com’s vice president for sales, Suhail Masri.
The results of the survey may reassure UAE government officials who are seeking to diversify the country’s economy away from oil and gas over the next 15 years. A large part of the Abu Dhabi Economic Vision 2030 is focused on stimulating entrepreneurship and supporting start-ups.
The top reasons UAE respondents gave for wanting to work for a company, rather than be self-employed, are: the chance to learn new skills and techniques (45 per cent); the regular income offered by a salaried job (43 per cent); and the benefits working for a company offers, such as medical insurance (34 per cent).
For those in the Emirates who would prefer to pursue an entrepreneurial path, the number one reason is personal fulfilment (60 per cent), followed by the freedom to choose their own work-life balance (53 per cent) and the chance to be their own boss (42 per cent).
More than half — 53 per cent — of the respondents who are currently employed in the public or private sectors in the UAE are currently thinking of starting their own business, while 20 per cent have tried to start one in the past but failed to do so.
While the UAE Government has introduced policies and mechanisms to stimulate entrepreneurship, those starting businesses regularly cite complicated administrative processes and the lack of funding as barriers to setting up and growing their ventures. The findings of the Bayt.com survey reflect these obstacles.
A third of respondents in the Emirates claim that it is “somewhat difficult” to set up a new business in the UAE, with the unavailability of finance being the leading hindrance (64 per cent) in doing so. Strict government rules and regulations (37 per cent) are also perceived as difficult to overcome.
When asked what they perceive to be the top three things that would concern them if they were to set up their own business, the majority of UAE respondents chose “procuring finances to start” (62 per cent), “uncertainty of profit and income” (44 per cent) and “needing to establish the ‘right’ contacts” — or ‘wasta’” (36 per cent).
“It would seem there are issues standing in the way of people becoming self-employed,” says Mr Masri. “With finance being the number one problem across the Middle East, it suggests that the region needs more angel investors to step in and help local entrepreneurs. It might also be of benefit for authorities to reconsider their policies, as less stringent regulations could encourage the creation of more start-ups.”
The majority (54 per cent) of UAE respondents, however, claim to know between one and five entrepreneurs; 52 per cent of respondents say that of the entrepreneurs they know, “a few” are successful — 33 per cent say that the majority of entrepreneurs they know have achieved success.
Four in 10 (42 per cent) respondents in the UAE state that the best time to start your own business is mid-career, although 36 per cent claim that “any time” is the right time, with “don’t be afraid of failure” considered by the majority (39 per cent) to be the best advice to give to an entrepreneur.
In the UAE, the hospitality and leisure industry (19 per cent) is regarded as the most appealing for entrepreneurship, followed by finance, insurance and real estate (14 per cent), and, jointly with 13 per cent each, advertising, marketing and public relations, and architecture and engineering.
UAE respondents agree that their education has helped them develop an entrepreneurial attitude (71 per cent), acquire the necessary skills and know-how to become an entrepreneur and understand the role entrepreneurs play in society (68 per cent), as well as made them interested in becoming an entrepreneur (64 per cent).
Data for the survey was collected online from September 1 to 15, with 8,776 respondents from the UAE, Saudi Arabia, Kuwait, Qatar, Oman, Bahrain, Lebanon, Syria, Jordan, Algeria, Egypt, Morocco, and Tunisia.
lgutcher@thenational.ae
UAE%20SQUAD
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Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
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.
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The%20Color%20Purple
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EBlitz%20Bazawule%3Cbr%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EFantasia%20Barrino%2C%20Taraji%20P%20Henson%2C%20Danielle%20Brooks%2C%20Colman%20Domingo%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
The biog
Mission to Seafarers is one of the largest port-based welfare operators in the world.
It provided services to around 200 ports across 50 countries.
They also provide port chaplains to help them deliver professional welfare services.
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Company%20profile
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COMPANY%20PROFILE%20
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Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
Korean Film Festival 2019 line-up
Innocent Witness, June 26 at 7pm
On Your Wedding Day, June 27 at 7pm
The Great Battle, June 27 at 9pm
The Witch: Part 1. The Subversion, June 28 at 4pm
Romang, June 28 at 6pm
Mal Mo E: The Secret Mission, June 28 at 8pm
Underdog, June 29 at 2pm
Nearby Sky, June 29 at 4pm
A Resistance, June 29 at 6pm
Women%E2%80%99s%20T20%20World%20Cup%20Qualifier
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
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.
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
COMPANY%20PROFILE%20
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The years Ramadan fell in May
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.”
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
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UAE%20medallists%20at%20Asian%20Games%202023
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COMPANY%20PROFILE
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Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
