Expo 2020 Dubai, in-person sporting events and a number of high-profile international conferences are seen as a sign of the UAE's economic recovery and a return to normalcy. AP
Expo 2020 Dubai, in-person sporting events and a number of high-profile international conferences are seen as a sign of the UAE's economic recovery and a return to normalcy. AP
Expo 2020 Dubai, in-person sporting events and a number of high-profile international conferences are seen as a sign of the UAE's economic recovery and a return to normalcy. AP
Expo 2020 Dubai, in-person sporting events and a number of high-profile international conferences are seen as a sign of the UAE's economic recovery and a return to normalcy. AP


Economic certainty is growing due to a strong recovery


  • English
  • Arabic

December 16, 2021

Covid-19 demanded a huge amount from workers throughout the world, particularly of those in the healthcare sector, many of whom faced grave danger. Huge changes were introduced to office life. Almost instantly the physical workplace was replaced with hybrid working, the daily commute with staying home. For many, the very certainty of employment disappeared. Globally, 114 million people lost their jobs.

The UAE is fortunate to be on the road to recovery from these tough times, due to clear leadership and a rebounding economy. And this week, residents saw yet more optimistic signs. According to the Cooper Fitch UAE Salary Guide 2022, which polled more than 600 companies, 35 per cent of businesses plan to increase salaries up to 5 per cent, while 4 per cent of companies will offer employees a raise between 6 to 9 per cent. A further 5 per cent of companies in the UAE will boost wages by 10 per cent or more. This means that roughly 43 per cent of businesses plan wage increases at an average rate of 3 per cent.

In tandem, the number of people predicted to have their salaries frozen next year has dropped significantly. According to a November study by Mercer, only 5 per cent of UAE companies are expected to freeze salaries in 2022, a number far lower than at the beginning of the pandemic.

It is too early to say that wage stability is out of the woods, but positive data on best and worst-case scenarios point to the emergence of a solid recovery. This is down to certainty brought about by a strong pandemic response, the huge commercial benefits of Expo 2020 Dubai and other in-person international events, the resurgence of aviation and the government's wider interest in the workforce and employment issues.

Last month, the government unveiled the biggest tranche of legal reforms in the country's history. Copyright laws were bolstered and investors and entrepreneurs were permitted to establish and own onshore companies in almost all sectors. This was a drop in the ocean of measures to make the country's working environment more dynamic. This week, a separate law will largely eliminate workplace differences between the public and private sector. This comes as part of a wider drive to get more Emiratis in the private sector. It seems to be working. More than 2,000 have done so within three months of the government making it a priority.

Further afield, the best global talent is being encouraged to make the UAE its home with this year's Golden Visa scheme, which grants recipients flexible residency for up to 10 years. People from around the world with experience in a set list of fields, particularly future-focused ones such as AI and programming, can apply.

A strong recovery is the basis for 2022's expected salary rises. But the two are intertwined. As the economy starts to offer workers more, the financial activity key to sustained recovery should gather pace. Going into 2022 and beyond, the ever-diversifying UAE workforce is set to become more resilient, secure and quite possibly better ofs financially.

Indoor Cricket World Cup Dubai 2017

Venue Insportz, Dubai; Admission Free

Fixtures - Open Men 2pm: India v New Zealand, Malaysia v UAE, Singapore v South Africa, Sri Lanka v England; 8pm: Australia v Singapore, India v Sri Lanka, England v Malaysia, New Zealand v South Africa

Fixtures - Open Women Noon: New Zealand v England, UAE v Australia; 6pm: England v South Africa, New Zealand v Australia

How to help

Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home. 

Key findings of Jenkins report
  • Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
  • Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
  • Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
  • Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

The Voice of Hind Rajab

Starring: Saja Kilani, Clara Khoury, Motaz Malhees

Director: Kaouther Ben Hania

Rating: 4/5

UAE currency: the story behind the money in your pockets
Spare

Profile

Company name: Spare

Started: March 2018

Co-founders: Dalal Alrayes and Saurabh Shah

Based: UAE

Sector: FinTech

Investment: Own savings. Going for first round of fund-raising in March 2019

SPEC SHEET

Display: 10.4-inch IPS LCD, 400 nits, toughened glass

CPU: Unisoc T610; Mali G52 GPU

Memory: 4GB

Storage: 64GB, up to 512GB microSD

Camera: 8MP rear, 5MP front

Connectivity: Wi-Fi, Bluetooth 5.0, USB-C, 3.5mm audio

Battery: 8200mAh, up to 10 hours video

Platform: Android 11

Audio: Stereo speakers, 2 mics

Durability: IP52

Biometrics: Face unlock

Price: Dh849

GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

RESULTS

6pm: Al Maktoum Challenge Round-2 – Group 1 (PA) $55,000 (Dirt) 1,900m
Winner: Rajeh, Antonio Fresu (jockey), Musabah Al Muhairi (trainer)

6.35pm: Oud Metha Stakes – Rated Conditions (TB) $60,000 (D) 1,200m
Winner: Get Back Goldie, William Buick, Doug O’Neill

7.10pm: Jumeirah Classic – Listed (TB) $150,000 (Turf) 1,600m
Winner: Sovereign Prince, James Doyle, Charlie Appleby

7.45pm: Firebreak Stakes – Group 3 (TB) $150,000 (D) 1,600m
Winner: Hypothetical, Mickael Barzalona, Salem bin Ghadayer

8.20pm: Al Maktoum Challenge Round-2 – Group 2 (TB) $350,000 (D) 1,900m
Winner: Hot Rod Charlie, William Buick, Doug O’Neill

8.55pm: Al Bastakiya Trial – Conditions (TB) $60,000 (D) 1,900m
Winner: Withering, Adrie de Vries, Fawzi Nass

9.30pm: Balanchine – Group 2 (TB) $180,000 (T) 1,800m
Winner: Creative Flair, William Buick, Charlie Appleby

The Outsider

Stephen King, Penguin

The years Ramadan fell in May

1987

1954

1921

1888

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

RACE CARD

5pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (Turf) 2,200m
5.30pm: Khor Al Baghal – Conditions (PA) Dh80,000 (T) 1,600m
6pm: Khor Faridah – Handicap (PA) Dh80,000 (T) 1,600m
6.30pm: Abu Dhabi Fillies Classic – Prestige (PA) Dh110,000 (T) 1,400m
7pm: Abu Dhabi Colts Classic – Prestige (PA) Dh110,000 (T) 1,400m
7.30pm: Khor Laffam – Handicap (TB) Dh80,000 (T) 2,200m

Updated: December 16, 2021, 6:53 AM`