Dr Thani bin Ahmed Al Zeyoudi is UAE Minister of State for Foreign Trade
January 24, 2022
Like every government in the world, the UAE is adapting to an economic future in which the phrase “business as usual” will become increasingly obsolete. The Fourth Industrial Revolution has begun to usher in new methods of connection, production, consumption and value creation, with great speed and in ways that challenge the limits of what is possible.
This, though, is a landscape replete with opportunity. Artificial intelligence, virtual and augmented reality, blockchain, nanotechnology, space exploration, 3D printing and quantum computing all have the potential to not just change the world but provide access to entirely new ones – real and virtual. In the coming decades, a nation’s success will depend on how quickly and how broadly these new technologies can be developed, deployed and, perhaps most importantly, distributed.
It is a challenge the UAE is certainly priming itself for. In the “Projects of the 50”, the package of initiatives that will guide the nation’s economic and social path over the next half century, our government put forward an agenda designed to position the UAE as a destination where the brightest minds and the boldest ideas can flourish, and where the technologies of the future can be used as a means of universal economic advancement.
Trying out the Evoteq AI cycle safety at the RTA stand at Gitex in 2021 at the World Trade Centre, in Dubai. Chris Whiteoak / The National
Getting there requires vision, leadership and a spirit of collaboration, whether between countries or between governments, institutions and the private sector. Above all, though, it requires talent.
Writing in the Harvard Business Review in March 2020, Becky Frankiewicz and Tomas Chamorro-Premuzic stated that technological transformation isn’t so much about tools and hardware as it is people. “You can pretty much buy any technology,” they wrote, “but your ability to adapt to an even more digital future depends on developing the next generation of skills, closing the gap between talent supply and demand, and future-proofing your own and others’ potential.”
It is a view that mirrors our own. Attracting, developing and retaining talent has always been a national priority for the UAE – the welcome we have extended to dedicated, ambitious and innovative individuals of more than 200 nationalities is central to the nation’s success and unique character. According to Insead’s Global Talent Competitiveness Index for the year 2020, the UAE ranks third globally and first regionally in its ability to attract talent, and more than a quarter of the world’s largest 500 companies have an international or regional headquarters in the country.
Visitors at the Dubai Watch Week 2021 held at DIFC Gate in Dubai on 24th November, 2021. Pawan Singh / The National
There has also been success in attracting the skills to leverage the technologies of the future. According to LinkedIn, the UAE saw a net inflow of 23,000 skilled people between January 2020 and April 2021, a 13 per cent increase as a measure of the total size of UAE LinkedIn members – and all this despite the ongoing obstacles presented by the global pandemic.
Interestingly, of this 23,000, the most noticeable influx came from those with digital disruptive skills, in fields such as AI, robotics and cybersecurity. Between 2015 and 2020, the UAE saw a 100 per cent increase in these skills in the workforce, which underlines the nation’s long-standing commitment to adopt and harness the technologies of the future.
Of course, as we look to a new year – and for the UAE, a new half century – we know there is much more to be done. The competition between nations in attracting and developing global talent has intensified as knowledge-based economies flourish; we have seen post-Brexit UK reassert its status as a magnet for international professionals and students with a Global Talent Visa, while Australia has created a Global Business and Talent Attraction Taskforce to ensure they remain competitive. Talent will soon trump financial capital as a driver of national economic success.
Dawn Barnable at a co-working space in Souk Al Bahar, Downtown Dubai, September 26, 2019. Victor Besa / The National
So, what is at stake? It is our conviction that individuals with the ability to acquire, create and apply knowledge will be crucial to our goal of doubling the economy from Dh1.4 trillion to Dh3 trillion by 2031. To that end, the UAE government has launched a two-pronged strategy: firstly, to incentivise global talent to come and live in the UAE and engage fully with its economic, social and cultural life; and secondly, to develop world-class skills from the high-calibre talent pool already here.
To achieve the former, the government of the UAE has recently launched a series of landmark initiatives, beginning with the April launch of the Strategy for Talent Attraction and Retention, a 10-year, holistic plan to facilitate immigration pathways, enhance social insurance features, and increase workforce flexibility and mobility. This was followed by the aforementioned recent “Projects of the 50”, which delivered a package of talent-focused provisions such as enhanced residency and visa pathways for investors, skilled professionals and high-achieving students, including the planned introduction of a specialist “green visa” category.
Most recently, in November, the employment law was upgraded to accommodate and encourage different working models, including part-time, freelance and temporary work, as well as offering enhanced employee rights and leave policies. It is all part of the nation’s efforts to create a flexible and competitive work environment in line with global standards.
In terms of talent development, the UAE government has rolled out a number of initiatives, including the “Compete” programme, which has pledged Dh1.25 billion to train nationals in skills central to the national economy. The Ministry of Industry and Advanced Technology are offering training around the adoption of 4IR technologies, while the One Million Arab Coders campaign, first launched in 2017, was recently boosted by the offer of a $1 million cash prize for the most innovative coding project.
These efforts will have clear benefits. They will help the UAE to develop a more agile, future-proof economy, elevate industrial output, increase the volume of our advanced technology exports and add Dh25 bn to national GDP by 2031.
High-calibre talent will also help our industries attract foreign direct investment, facilitate knowledge-transfer in advanced technologies and forge stronger multilateral relationships with key global partners – all of which will contribute to greater economic stability and security for the country’s residents.
As we look to 2022 and the continued recovery from the pandemic, skilled human capital will be regarded as the foundation of economic growth and international competitiveness. The UAE will continue to create an environment that welcomes, nurtures and champions it.
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.”
US Team
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Justin Thomas, Daniel Berger
Brooks Koepka, Rickie Fowler
Kevin Kisner, Patrick Reed
Matt Kuchar, Kevin Chappell
Charley Hoffman*, Phil Mickelson*
International Team
Hideki Matsuyama, Jason Day
Adam Scott, Louis Oosthuizen
Marc Leishman, Charl Schwartzel
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The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Co-founders: Yousef Wadi, Kanaan Manasrah and Shadi Shalabi
Based: Jordan
Sector: Technology
Initial investment: Close to $100,000
Investors: Propeller, 500 Startups, Wamda Capital, Agrimatico, Techstars and some angel investors
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Translated from the Spanish by Camilo A. Ramirez
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11 cabbie-recommended restaurants and dishes to try in Abu Dhabi
Iqbal Restaurant behind Wendy’s on Hamdan Street for the chicken karahi (Dh14)
Pathemari in Navy Gate for prawn biryani (from Dh12 to Dh35)
Abu Al Nasar near Abu Dhabi Mall, for biryani (from Dh12 to Dh20)
Bonna Annee at Navy Gate for Ethiopian food (the Bonna Annee special costs Dh42 and comes with a mix of six house stews – key wet, minchet abesh, kekel, meser be sega, tibs fir fir and shiro).
Al Habasha in Tanker Mai for Ethiopian food (tibs, a hearty stew with meat, is a popular dish; here it costs Dh36.75 for lamb and beef versions)
Himalayan Restaurant in Mussaffa for Nepalese (the momos and chowmein noodles are best-selling items, and go for between Dh14 and Dh20)
Makalu in Mussaffa for Nepalese (get the chicken curry or chicken fry for Dh11)
Al Shaheen Cafeteria near Guardian Towers for a quick morning bite, especially the egg sandwich in paratha (Dh3.50)
Pinky Food Restaurant in Tanker Mai for tilapia
Tasty Zone for Nepalese-style noodles (Dh15)
Ibrahimi for Pakistani food (a quarter chicken tikka with roti costs Dh16)
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
