Related: A guide to benefits for Emiratis in private-sector jobs and fines for non-compliance
Private-sector employers will be able to thrive while fulfilling their requirement to hire more UAE nationals, a top official said on Monday.
Businesses are set to be given a helping hand by the government in efforts to support young Emirati talent entering the workplace.
Ghannam Al Mazrouei, secretary general of the Emirati Talent Competitiveness Council, said that hiring Emiratis should not encumber a business.
“The government has also subsidised a training programme for one year, so the private sector will not be burdened with these costs," he said on Dubai Eye's Business Breakfast radio show.
The government has subsidised a training programme for one year, so the private sector will not be burdened with these costs
Ghannam Al Mazrouei,
Emirati Talent Competitiveness Council
“We will ensure the young talent will be available and will have a direct hire contract with the employer."
Under government plans, young Emirati talent will be given a helping hand into new private sector businesses to support the “economic backbone” of the UAE and create 15,000 new jobs a year.
A major government recruitment drive launched in 2020 set plans to ensure 10 per cent of the private sector workforce was Emirati by 2026.
Under the Nafis programme, it is hoped a further 75,000 Emiratis will join the private sector in that time.
Businesses can post jobs and Emiratis can apply for positions at https://nafis.gov.ae/. A company that fails to reach the target must pay Dh6,000 a month for every Emirati it fails to hire.
“Our aim is to find representation for our young talent in the private sector, as it is the backbone of our economy and we want our young talent to be part of this economy contribution in the near future,” Mr Al Mazrouei said.
“This will create around 15,000 jobs every year in high-skilled roles within companies.
“We are creating a partnership with companies, and listening to employers to understand the challenges so we can support them.”
Under a range of measures to secure Emiratis private-sector jobs, university graduates will have their salaries topped up by Dh5,000 by the government as an incentive.
Child support payments will also be available, along with unemployment benefits, a national healthcare programme and vocational counselling.
Other stimuli include financial grants for Emiratis over 50 to take early retirement to start their own business.
A unified job posting platform managed by the ETCC will connect Emiratis with vacancies in the private sector, while a business development centre will help employers to identify talent from a huge number of job seekers, Mr Al Mazrouei said.
Meanwhile, young Emirati talent will be offered financial support by the government.
“Our aim is to connect the demand with the supply,” Mr Al Mazrouei said.
“We have seen a positive move from the private sector to register for this platform, and we encourage them to continue to post vacancies.
“The private sector will look for someone who has experience, knowledge and skills.
“Employers need to find young people prepared to join the private sector.
“There are lots of opportunities for young people.”
UAE currency: the story behind the money in your pockets
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Company%20profile
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HUNGARIAN GRAND PRIX RESULT
1. Sebastian Vettel, Ferrari 1:39:46.713
2. Kimi Raikkonen, Ferrari 00:00.908
3. Valtteri Bottas, Mercedes-GP 00:12.462
4. Lewis Hamilton, Mercedes-GP 00:12.885
5. Max Verstappen, Red Bull Racing 00:13.276
6. Fernando Alonso, McLaren 01:11.223
7. Carlos Sainz Jr, Toro Rosso 1 lap
8. Sergio Perez, Force India 1 lap
9. Esteban Ocon, Force India 1 lap
10. Stoffel Vandoorne, McLaren 1 lap
11. Daniil Kvyat, Toro Rosso 1 lap
12. Jolyon Palmer, Renault 1 lap
13. Kevin Magnussen, Haas 1 lap
14. Lance Stroll, Williams 1 lap
15. Pascal Wehrlein, Sauber 2 laps
16. Marcus Ericsson, Sauber 2 laps
17r. Nico Huelkenberg, Renault 3 laps
r. Paul Di Resta, Williams 10 laps
r. Romain Grosjean, Haas 50 laps
r. Daniel Ricciardo, Red Bull Racing 70 laps
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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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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