The UAE created about 250,000 jobs in the retail, finance, technology and telecoms sectors in 2020 despite the Covid-19 pandemic that hit global trade and severely affected the labour market.
The country, the second-biggest Arab economy, added 100,000 jobs in the retail and e-commerce sector and 148,000 jobs in the finance, technology and telecoms sectors in 2020, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said in a tweet on Saturday.
"Crisis management creates opportunities ... and crises in management destroy gains," Sheikh Mohammed said.
This boost to the job market in the UAE defied a global economic contraction of 3.3 per cent last year.
The Covid-19 pandemic tipped the world economy into its worst recession, disrupted trade, hindered travel and forced countries into lockdowns that led to higher unemployment and poverty, according to the International Monetary Fund.
Global trade shrunk by 8.5 per cent last year, according to the fund’s estimates. About 8.8 per cent of global working hours were lost last year due to the pandemic, roughly four times the number lost in the 2008 financial crisis, according to the International Labour Organisation.
The UAE reacted quickly to the pandemic-driven slowdown and introduced economic stimulus measures to help businesses and residents.
Overall, the country has unveiled economic support packages worth at least Dh388 billion since the onset of the pandemic.
Dubai was among the first cities to reopen its borders to international tourists in July after it put in place rigorous health and safety measures that gave the hospitality and retail sectors a boost.
While 2020 was a tough year for brick-and-mortar retailers, the pandemic hastened the growth of the e-commerce sector as more consumers shopped from home amid movement restrictions.
In the UAE, the increase in online consumer spending in 2020 was mainly driven by a 21 per cent annual jump in the number of online shops, in addition to a 44 per cent annual surge in the number of high-volume e-commerce trading partners last year, according to Mastercard.
The technology sector also benefitted from additional investment during the pandemic as businesses came up with more innovative solutions for telehealth and remote working and learning.
Start-ups in the Mena region secured more than $1 billion in funding last year, with e-commerce and FinTech retaining their top spots by number of deals.
The two sectors represented 24 per cent of all deals in 2020, according to data platform Magnitt.
In Dubai, the DIFC set up an innovation licence to encourage international FinTechs to move to the free zone.
The UAE, Egypt and Saudi Arabia accounted for 68 per cent of total Mena deals disclosed last year. The UAE received the largest share of funds raised and was ranked first by deal numbers, the report showed.
Start-ups in the UAE attracted more than half of the total venture capital into the region and more than a quarter of Mena deals.
_______________
UAE salary guide 2021
How the UAE gratuity payment is calculated now
Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.
The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.
1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):
a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33
b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.
2. For those who have worked more than five years
c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.
Note: The maximum figure cannot exceed two years total salary figure.
Sui Dhaaga: Made in India
Director: Sharat Katariya
Starring: Varun Dhawan, Anushka Sharma, Raghubir Yadav
3.5/5
Kandahar%20
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Ric%20Roman%20Waugh%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%C2%A0%3C%2Fstrong%3EGerard%20Butler%2C%20Navid%20Negahban%2C%20Ali%20Fazal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202.5%2F5%3C%2Fp%3E%0A
Alan%20Wake%20Remastered%20
%3Cp%3E%3Cstrong%3EDeveloper%3A%20%3C%2Fstrong%3ERemedy%20Entertainment%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Microsoft%20Game%20Studios%3Cbr%3E%3Cstrong%3EConsoles%3A%3C%2Fstrong%3E%20PlayStation%204%20%26amp%3B%205%2C%20Xbox%3A%20360%20%26amp%3B%20One%20%26amp%3B%20Series%20X%2FS%20and%20Nintendo%20Switch%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
More from Rashmee Roshan Lall
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
SHALASH%20THE%20IRAQI
%3Cp%3EAuthor%3A%20Shalash%3Cbr%3ETranslator%3A%20Luke%20Leafgren%3Cbr%3EPages%3A%20352%3Cbr%3EPublisher%3A%20And%20Other%20Stories%3C%2Fp%3E%0A
The bio
Who inspires you?
I am in awe of the remarkable women in the Arab region, both big and small, pushing boundaries and becoming role models for generations. Emily Nasrallah was a writer, journalist, teacher and women’s rights activist
How do you relax?
Yoga relaxes me and helps me relieve tension, especially now when we’re practically chained to laptops and desks. I enjoy learning more about music and the history of famous music bands and genres.
What is favourite book?
The Perks of Being a Wallflower - I think I've read it more than 7 times
What is your favourite Arabic film?
Hala2 Lawen (Translation: Where Do We Go Now?) by Nadine Labaki
What is favourite English film?
Mamma Mia
Best piece of advice to someone looking for a career at Google?
If you’re interested in a career at Google, deep dive into the different career paths and pinpoint the space you want to join. When you know your space, you’re likely to identify the skills you need to develop.
UAE currency: the story behind the money in your pockets
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
The Word for Woman is Wilderness
Abi Andrews, Serpent’s Tail
