Gergawi Projects of the 50
UAE Projects of the 50: Dh24 billion investment to create 75,000 private sector jobs for Emiratis Image Credit: Virendra Saklani/Gulf News

The UAE has taken one more firm step to develop its most valuable resource — the national human capital through a slew of measures announced on Sunday as part of economic reforms for the next 50 years.

The new set of reforms are aimed at integrating and preparing the national human resources with the rapidly expanding private sector economy in the country.

The UAE, a country that believes in free enterprise, innovation and digital future, has always encouraged its citizens to be part of the private sector as entrepreneurs and innovators.

Going a step further, the country has come forward to get its citizens as key participants in the private sector as a formidable talent pool for the future.

The reforms and financial incentives unveiled on Sunday aim to drive new private sector opportunities for both young and experienced Emiratis, with an investment of Dh24 billion to create 75,000 new private sector jobs.

The announcements include grants for students and fresh graduates to take up private sector roles; Dh1 billion graduate business development fund; a government-backed new private sector child allowance and unemployment benefits as well as career break and early retirement schemes for federal government employees starting new businesses.

Clearly, the leadership of the country wants greater national labour force participation in the economy through private sector.

Historically, public sector has been the major job provider for the national population in the UAE and the GCC region. The rapid evolution the UAE economy during the past three decades driven by economic diversification and the growing role of private enterprises has created lucrative career opportunities in the private sector.

Today, the private sector in the UAE is a good mix of multinationals, government-run enterprises (GREs), UAE national-owned private businesses, publicly owned (stock market-listed) enterprises and privately owned small and medium enterprises that are creating hundreds of thousands of jobs every year.

The Purchasing Managers’ Index data for the past few months show, post-pandemic, the UAE is set for a new era of job creation in the non-oil private sector.

When the nation is on a path to building a modern economy driven by knowledge, skills, innovation and technology, it is only logical for the leadership to devise strategies for the national workforce to get a fair share of career opportunities in the private sector.

While the government is progressively evolving to become a key facilitator of private enterprise by providing world-class infrastructure, business friendly regulations and globally competitive environment, it is only logical that the nation is sure to reap its share of demographic dividend through its highly educated young national human resources that are joining the national workforce every year.