UAE ministers and top officials met at Abu Dhabi’s Qasr Al Watan to announce the next series of projects set to transform the UAE over the next 50 years. These far-reaching economic and developmental projects are being rolled out ahead of the country’s 50th National Day celebrations in December, and aim to ensure a sustainable future for the nation and its residents. Since the first set of projects was declared on September 5, the announcements have captivated the interest of residents, investors and analysts worldwide. Here are today’s announcements.
Emirati Talent Competitiveness Council
The Emirati Talent Competitiveness Council, chaired by Sheikh Mansour bin Zayed Al Nahyan, aims to create 75,000 private sector jobs for Emiratis with incentives for them to join the private sector and gain the backing they need to thrive and prosper.
The council will be called "Emirati Talent Competitiveness Council".
A subsidised career break
Beginning 2022, a subsidised career break will be available for Emiratis in Federal Government.
New UAE government policy for Emiratis
UAE government announces a new policy in the federal government for Emiratis wishing to engage in self-employment (have their own business). A certain number of employees will be granted a leave of 6-12 months, with 50% of the salary to establish their own projects. The program will start at the beginning of 2022.
Dh1 billion fund to support students and graduates
Al Gergawi announced Dh1 billion Alumni Fund under the patronage of Sheikh Mansour bin Zayed Al Nahyan, to grant micro-loans to university students and recent graduates in cooperation with national universities, with the aim of supporting them in starting their own projects.
Jobs in private sector
The UAE sets target percentages for national jobs in the private sector. The percentages start at 2% and increases by the same percentage annually to reach 10% after five years. Companies will be given 5 years to achieve the targeted percentages.
Vocational training program
UAE launches a vocational training program in cooperation with private and semi-governmental companies for a period of up to 12 months, with monthly financial rewards for the trained citizens, to equip them with experience that qualifies them to join distinguished jobs in the private sector.
Training program for Emiratis
UAE allocates Dh1.250 billion to provide specialized training programs for Emiratis across various sectors, through which internationally recognised certificates and professional programs will be provided to Emiratis in the private sector.
Retire and set up own business after 50
New policy will enable federal government employees who are aged 50 years or more to seek retirement and establish own businesses.
Benefits for Emirati employees
Emirati employees in the private sector will also be provided 50 per cent of their salary for six to 12 months to establish their own businesses. The scheme will be active as of next year.
The government will bear the pension fund contributions for the Emirati employee in the private sector for 5 years, and the government will also bear the bulk of the employer’s contributions to the retirement fund for Emirati employees in the private sector during the first 5 years.
Emiratis in nursing sector
UAE announces a program to develop national cadres in the nursing sector, targeting 10,000 Emiratis within 5 years.
Dh24 billion to hire 75,000 young Emiratis in the private sector
UAE allocates Dh24 billion to hire 75,000 young Emiratis in the private sector. The government will also provide six months of financial aid for Emiratis who lose their jobs in the private sector
Program to support Emiratis
UAE allocates a program to support Emiratis working in distinguished majors in the private sector, such as programmers, nurses, accountants, and others, with a fixed bonus of 5,000 dirhams per month above their salaries for a period of five years.
Al Gergawi: We also announce that under the follow-up of Sheikh Mansour bin Zayed Al Nahyan, an integrated federal government program has been developed in the name of Nafis (Compete)...It consists of 13 projects to support the private sector to hire.
The government will bear the cost of training Emiratis in the private sector for up to a full year during the training period, with a monthly salary of Dh8,000 for university students, as well as supporting the salaries of citizens in the private sector for a period of 5 years after employment, and with a maximum of Dh 5,000 per month.
Mohammad Abdullah Al Gergawi, Minister of Cabinet Affairs, said: We are meeting today to launch a project related to two of The Principles of the 50: the fourth principle, which stress that the main driver of development is human capital, and the second principle, which emphasis that building the best and most active economy in the world is a top national priority.
The event is about to start
Unique projects announced so far in UAE
The first set of Projects of the 50 was announced on September 5, 2021. Among them were new visa schemes, campaigns to attract foreign investment and strategies to support emerging Emirati companies.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, led the announcements last week. The leadership also went on to announce 10 guiding principles for the projects to be announced, including unity, neighbourliness, technical excellence and tolerance.
A look at the first set of projects announced
Green Visa: This expands self-residency options to investors, entrepreneurs, highly-skilled individuals, top students and graduates, with advantages like the ability to sponsor parents, and sponsorship of adult male children until the age of 25.
Freelancers Visa: This will allow self-employed workers to sponsor themselves.
Economic partnerships: The UAE Government is undertaking comprehensive economic partnership agreements with eight key global markets around the world, with the aim of increasing the UAE’s current Dh257 billion trade volume with these markers by Dh40 billion each year. This is hopes to double the size of the national economy from Dh1.4 trillion to Dh3 trillion over the next decade.
UAE Data Law: This upcoming law will empower individuals to control how personal data is used, stored and shared in an increasingly digital world. It aims to protect individuals’ privacy, and limit the commercial use of personal data for purposes of profit.
100 Coders Every Day: This programme aims to attract 3,000 coders every month to the country’s workforce, increasing the number of coders from 64,000 to 100,000 in a year’s time, and to facilitate the establishment of programming companies in the UAE through a set of incentives and benefits.
PyCon Summit: As part of the nation’s drive towards a knowledge economy, the UAE will host PyCon Summit, the largest programming summit to be held in the Middle East, in the second half of 2022. The event is set to help develop digital talent and expertise, inspire innovative technology projects, and connect a global community of programmers with institutions and each other.
Fourth Industrial Revolution Network: As part of this network, 500 national technology companies will be set up and promoted. It will brings together 15 leading national companies in technology adoption to transfer knowledge, share best practices and train 100 top industry executives on the latest digital trends.
10x10: This programme aims to achieve a 10 per cent annual increase in the country’s exports in 10 key markets: China, the UK, the Netherlands, Italy, Russia, Poland, Luxembourg, Australia, New Zealand and Indonesia.
Invest.ae: This is a new electronic portal – invest.ae – that will act as an umbrella for all investment-related local entities and 14 state economic entities, and present all investment opportunities across the UAE. The portal will also provide comprehensive information on the local investment environment, as well as business and bank account set-up services.
Emirates Investment Summit: The UAE will host the Emirates Investment Summit, a global summit that will connect investment funds with the public and private sectors to create investment opportunities. The aim is to attract Dh550 billion in foreign direct investment over the next nine years.
National In-Country Value Programme: This scheme will facilitate the redirection of procurement and contract expenses to the local economy. By 2025, it aims to create a demand for local products and services by redirecting more than 42 percent of procurement of the federal government and major UAE companies to local products and services.
Project 5bn: This scheme involves the allocation of Dh5 billion to support Emirati projects in priority sectors.
Tech Drive: Another Dh5 billion programme, in partnership with the Emirates Development Bank, will support advanced technology adoption in the industrial sector.