Dubai on Tuesday unveiled a plan to train 5,000 UAE citizens in future technology over the next five years and boost Emiratisation targets in the private sector.
The announcement by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence, comes after a meeting of the Higher Committee for Future Technology Development and Digital Economy.
Sheikh Hamdan said the training would prepare Emiratis to work in tech in the private sector. "This initiative is part of a package of projects designed to foster start-up growth, support national talent, and drive innovation and entrepreneurship," he said on his official social media handle.
"Dubai is a city that doesn't just compete globally – it creates its own future by nurturing national talent and offering an environment that encourages creativity and leadership."
The move is in line with the vision of Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, "to build a strong, sustainable digital economy for our future generations, positioning Dubai at the forefront of the world’s cities". Sheikh Mohammed in May said the number of Emiratis working in the private sector had exceeded 100,000 for the first time.
Making Dubai future-ready
Sheikh Hamdan has been working to accelerate the adoption of artificial intelligence (AI) across various sectors, and said keeping pace with technological trends was key to the success of governments and societies. Prompt engineering involves creating precise instructions for AI systems to achieve desired outcomes in various tasks, from generating creative content to solving complex challenges.
In May, Sheikh Hamdan announced a scheme to train one million people in AI-prompt engineering over the next three years. The project was unveiled in line with the Dubai Universal Blueprint for Artificial Intelligence, which aims to accelerate the adoption of AI applications. Training courses will be provided with those taking part also being featured in competitions to showcase their skills.
“We are experiencing a tremendous acceleration in technological progress, which requires new skills in labour markets," said Sheikh Hamdan at the time. "Coding was formerly in demand but today prompt engineering has become one of the most promising skills.
"We want to be the most future-ready city and to continue preparing for the AI era by developing expertise and skills that support global technological transformation, placing Dubai at the forefront of innovation.”
In June, Sheikh Hamdan approved the next phase of the Dubai Future Solutions project, aimed at supporting and nurturing talent to help transform the emirate into a centre of global innovation.
Emiratisation targets in private sector
The UAE has embarked on a major push in recent years to encourage more Emiratis to join the private sector, which remains a driving force behind the nation's economic development.
The Nafis programme was introduced in September 2021 with a mission to ensure 10 per cent of all skilled jobs in private companies are taken up by UAE citizens by the end of 2026. Businesses with 50 or more employees were mandated to ensure at least 5 per cent of skilled roles were filled by Emiratis by June 30, with fines imposed from July 1 for those that failed to do so.
The Details
Article 15
Produced by: Carnival Cinemas, Zee Studios
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Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5
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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.”
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Petrarch: Everywhere a Wanderer
Christopher Celenza,
Reaktion Books
More on Palestine-Israeli relations
Like a Fading Shadow
Antonio Muñoz Molina
Translated from the Spanish by Camilo A. Ramirez
Tuskar Rock Press (pp. 310)
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Need to know
Unlike other mobile wallets and payment apps, a unique feature of eWallet is that there is no need to have a bank account, credit or debit card to do digital payments.
Customers only need a valid Emirates ID and a working UAE mobile number to register for eWallet account.
The specs: 2018 Chevrolet Trailblazer
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Chelsea 1
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What are the influencer academy modules?
- Mastery of audio-visual content creation.
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