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The United Arab Emirates today announced a comprehensive reform and financial incentive plan to promote new private sector opportunities for Emirati.
Officials announced on Sunday that AED 24 billion had been allocated to create 75,000 new private sector jobs for UAE nationals.
The new announcement includes grants for private sector positions for students and recent graduates, a Dh1 billion graduate business development fund, government-supported new private sector child allowances, unemployment benefits, and career interruptions and early retirements for federal government employees Plans to launch new business.
They follow 13 big projects announced last week This reveals the gradual reform of residential visas and some economic plans that will boost the country’s growth.
the latest update:
UAE Minister of Cabinet Affairs Mohammad Al Gergawi said at the event: “The project announced today is closely related to the two important principles on which the’Top 50 Projects’ are based. The second and fourth principles; we believe in building a dynamic The economy is the responsibility of the country.”
The minister said that the UAE continues to draw inspiration from the wisdom of its founder, the late Sheikh Zayed. Al Gergawi quoted his beloved ruler, “He said that our people are far more important than factories. Sheikh Zayed continues to live as we move into the next few years. The trees he planted continue to blossom and bear fruit, His basic principles continue to be carried forward.” Upheld by his sons. At this point, we believe that development is based on human resources. “
Watch Saeed Al Awar, head of Rothschild & Co’s Middle East region talk about why these initiatives will encourage Emirati to see success in the private sector.
His Royal Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, commented on the newly launched plans and pointed out that these developments are in line with the empowerment of the country’s people and the promotion of sustainable development. Ambition. Its economy.
Consistent with our ambitions of empowering the people and enhancing economic strength and sustainability, the UAE is launching a special plan to promote the employment of UAE nationals in the private sector, which will play a vital role in the long-term development of our country
-(@MohamedBinZayed) September 12, 2021
A special fund of 1 billion dirhams will provide loans to recent graduates and college students to enable them to start their own businesses.
UAE nationals working in the private sector can choose to retire early to start their own businesses. Those who retire early will receive financial incentives to pursue their entrepreneurial dreams.
The UAE government has announced temporary financial assistance for Emirati who have lost private sector jobs due to circumstances beyond their control. They will receive six months of support when looking for a job.
UAE companies have also achieved the goal of UAEization. They must increase the number of Emiratis at a rate of 2% per year within five years-to reach 10%.
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-His Highness Sheikh Mohd (@HHShkMohd) September 12, 2021
The government also announced the establishment of a retirement fund for Emiratis in the private sector.
For the first time, the UAE will provide monthly allowances to parents in the private sector to raise their children. Each of their children will receive 800 dirhams per month, up to a maximum of 3,200 dirhams.
Another plan will enable the UAE to receive an additional AED 5,000 per month in professional private sector areas (such as health) for five years.
Minister of Cabinet Affairs Mohammad Abdullah Al Gergawi stated that the government will bear the cost of training Emirati for the private sector. During this period, college graduates will be paid AED 8,000 per month.
After the training, in addition to their salary, they will receive 5,000 dirhams per month.
The UAE government has announced an allocation of 24 billion dirhams for hiring 75,000 Emirati in the private sector.
The program, called Nafis, will have 13 projects in line with a special program aimed at promoting the employment of UAE nationals in the private sector.
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-His Highness Sheikh Mohd (@HHShkMohd) September 12, 2021
Please also read:
>> Top 50 projects: New reform of UAE visas; what we know so far
>> 50-person project: creating a new future for the UAE
Danusha Gukulan
Dhanusha Gokulan is from India and has been working as a journalist for more than ten years. For Khaleej Times, she reports on NRI affairs, civil aviation and immigration issues. She received a bachelor’s degree in journalism, economics and English literature from Mangalore University in 2008, and is currently pursuing a master’s degree in contemporary media leadership and innovation at the American University in Dubai. In her spare time, she gets involved in singing/song writing, loves food, and is the mother of an over-enthusiastic Labrador Retriever. On her Twitter @shootsprintrite.
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