On Sunday, the UAE ministers set out the latest 13 items in the ‘Projects of the 50’ plan to boost the country’s human capital.
In its latest economic reforms, UAE private companies will fill 10% of their job positions with Emirati nationals.
This initiative is one of the 50 new economic projects by the UAE this month to boost the country’s competitiveness.
Last week, the state mentioned that it wants to attract $150 billion in foreign direct investment in the next nine years.
The state is planning to create more flexible visas to attract skilled workers and residents across the world.
The Latest Projects by the UAE Government
The Gulf state has announced several provisions around private sector employment on Sunday.
A few of them include a leave of absence in government jobs and 50% of salary for 6-12 months if someone plans to explore starting their own business. Some of the latest projects are:
Emirati Talent Competitiveness Council
The council will bring together representatives across the federal government. The panel will strengthen private sector partnerships to provide 75,000 jobs to the Emiratis.
Emirati Salary Support Scheme
The scheme contributes conditional grants to the recruitment and training costs of Emirati graduates.
The project offers a monthly top-up of up to Dh 8,000 for graduates during the first year of their training and a per month top-up of Dh 5,000 for five years post recruitment.
Merit Programme
The programme offers a fixed monthly salary top-up of Dh 5,000 to Emirati workers in specialised fields.
Pension Programme
The pension programme offers a five-year subsidy against the pension plan contribution of Emirati staff earning less than Dh 20,000 per month.
The government will contribute on behalf of the company against the pension plans for the Emirati team in the first five years.
Unemployment Benefit
The scheme promises an unemployment benefit to the Emiratis who lose their jobs in the private sector because of circumstances beyond control.
These projects included some other schemes, including the Apprentice programme, Recruitment Targets, National Healthcare Programme, and many more.
The Outlook
Covid-19 has affected the economy of the UAE. The state has launched several projects over the last year to attract investors and foreigners from worldwide.
The state believes that the future lies in the private sector. If the private sector partners in the country’s march towards success, the future will be more beautiful.
The officials stated that the ‘Projects of the 50’ plan aims at empowering and supporting the country’s young talent.
The 2014-15 oil price shock has led the Gulf states to diversify their revenue bases away from the hydrocarbons.
The state has been encouraging its citizens to work in the private sector since then.
UAE has been consistent with its ambitions to empower its people- thereby enhancing the strength and sustainability of its economy.
The dedicated plan of 50 projects will boost the UAE nationals’ employment in the private sector, which will play a vital role in the nation’s long-term development.
