UAE’s labour market ranks top globally in attracting international talent
Unprecedented growth recorded in private sector companies in the last four years
Abu Dhabi: The UAE ranks first, globally, as the most preferred destination for skilled workers, with its private sector seeing unprecedented growth in the last four years.
The UAE's Ministry of Human Resources and Emirsatisation (MOHRE) shared details of the labour market in the country and said it has become the most attractive destination for global talent, during the second edition of the Emirates Labour Market Awards, held in Abu Dhabi, today.
According to MOHRE, the UAE’s private sector ranks the first globally in nine competitive indicators:
1. Working hours
2. Few labour disputes
3. Preferred destination for global talent
4. Ability to attract talent
5. Employment rate
6. Work flexibility
7. Number of migrants
8. Low termination costs
9. Workforce participation rate
The award focuses on highlighting best practices in the UAE’s private sector in terms of occupational health and safety, future readiness, facilities of work environment, motivation and incentives, empowering Emirati professionals and attracting global talent.
In just the past four years, the country's labour market has witnessed unprecedented growth, with a 14 per cent growth in the number of companies set up in the UAE, 28 per cent of which are new establishments, and a nine per cent growth in the workforce overall and a four per cent increase in the skilled workforce.
Several key inittiatives to boost the competitiveness of the labour market have also played a major role in turning the UAE into the most preferred destination for global talent.
According to MOHRE, 99 per cent of the workers in the private sector are enrolled in the Wage Protection System (WPS) and just as much of the workforce is covered in the Workers Protection Programme. Another key initative by the Ministry - the Involuntary Loss of Employment (ILOE) policy has also been extremely successful, with nearly nine million workers subscribed to the unemployment insurance scheme within two years.
According to MOHRE, all the indicators point towards a booming private sector, with more and more skilled workers, younger workers and women having joined the workforce .