A major government drive to ensure 10 per cent of private sector workers are Emirati in the next five years will be a boost for employers and jobseekers, recruiters say.
The ambitious strategy - part of the UAE's Projects of the 50 - aims to create 75,000 private sector roles for UAE citizens by 2026.
Experts believe the forward-thinking initiative, which will include incentives such as paid training programmes, subsidies for Emiratis working in the private sector and support for local entrepreneurs, will help companies secure outstanding local talent who may otherwise have remained in the public sector.
We find that [Emiratis] get snapped up very quickly, so more Emirati talent willing to consider working in the private sector is very encouraging, especially targeting Emiratis into the healthcare system
Louise Vine,
Inspire Selection
In terms of the sectors that could attract Emiratis, technology, engineering and healthcare are expected to be the most in demand.
For fresh graduates, they will likely move into roles specialising in human resources and administration, finance and investment, data entry and customer service.
Louise Vine, managing director at Inspire Selection recruitment agency in Dubai, said the job market has changed for everyone over the past 18 months.
“The large local semi-government organisations that have typically recruited a lot of Emirati graduates have, for the time being, reduced their hiring,” she said.
“This has opened the doors for the private sector to position themselves as a viable option for young Emiratis.
“We often come across exceptional Emiratis when head hunting, but we find that they get snapped up very quickly, so more Emirati talent willing to consider working in the private sector is very encouraging, especially targeting Emiratis into the healthcare system.”
She said her team often places new Emirati talent into sectors such as engineering, human resources, marketing, financial services and professional services.
Top priorities when looking for a job
Nevin Lewis, chief executive of Black and Grey Human Resources in the UAE, said with guaranteed training for Emiratis in the private sector, he expects more Emiratis to venture into career-based technical and vocational roles.
And because Emiratis are future-focused, their top priorities when picking the right job will be “learning and development initiatives, corporate culture and employer brand”.
Rohini Bhalla, a senior consultant at GGC HR consultancy in Dubai, said Emiratis usually look to join the finance sector but she expects this trend to broaden as benefits increase across different roles.
"Recently, we have seen that they are looking to go into the less traditional sectors including aviation. Aviation brings benefits like discounted tickets," she said.
"The healthcare and sciences fields have also registered more interest following the Covid-19 outbreak.
"For many Emiratis, money is not a motivator, they are looking to make a difference to the growth of the country and their careers."
Top 5 sectors that could attract Emiratis
Technology. Artificial intelligence, robotics, automation and advanced manufacturing, virtual reality, augmented reality, big data and data analysis.
Starting salary: Dh17,000 to Dh40,000 plus benefits - varies depending on the skills, calibre, function and certifications.
Energy (green power) and transport. Renewable energy, district cooling, nuclear power, mobility, automotive and aviation, but trends suggest most will venture into engineering and technical roles.
Starting Salary: Dh20,000 to Dh40,000 - varies depending on the skills, calibre, function and certifications.
Services. Banking, financial, insurance and investments services, tourism, academia, retail.
Starting Salary: Dh18,000 to Dh35,000 depending on level of seniority in starting role.
Healthcare, pharma and biotechnology. Clinician, pharmacists, biopharmaceutical expert, laboratory scientist, laboratory technician.
Starting salary: Dh25,000 to Dh45,000.
Fast-moving consumer goods in multinational corporations and agriculture. Buyer, merchandiser, sales assistant, logistics manager, among others.
Starting Salary: Dh18,000 to Dh35,000 - varies depending on the skills, calibre, function and certifications.
Source: Black and Grey Human Resources
How Tesla’s price correction has hit fund managers
Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.
It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.
The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.
Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.
Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.
He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.
AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”
A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.
Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.
Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.
Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.
By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.
Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.
In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”
Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.
She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.
Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.
Profile of Tamatem
Date started: March 2013
Founder: Hussam Hammo
Based: Amman, Jordan
Employees: 55
Funding: $6m
Funders: Wamda Capital, Modern Electronics (part of Al Falaisah Group) and North Base Media
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The Bio
Favourite vegetable: “I really like the taste of the beetroot, the potatoes and the eggplant we are producing.”
Holiday destination: “I like Paris very much, it’s a city very close to my heart.”
Book: “Das Kapital, by Karl Marx. I am not a communist, but there are a lot of lessons for the capitalist system, if you let it get out of control, and humanity.”
Musician: “I like very much Fairuz, the Lebanese singer, and the other is Umm Kulthum. Fairuz is for listening to in the morning, Umm Kulthum for the night.”
MATCH INFO
Hoffenheim v Liverpool
Uefa Champions League play-off, first leg
Location: Rhein-Neckar-Arena, Sinsheim
Kick-off: Tuesday, 10.45pm (UAE)
Evacuations to France hit by controversy
- Over 500 Gazans have been evacuated to France since November 2023
- Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
- The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
- Artists and researchers fall under a programme called Pause that began in 2017
- It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
- Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
- Unlike students, they are allowed to bring their families to France
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Company profile
Name: Dukkantek
Started: January 2021
Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani
Based: UAE
Number of employees: 140
Sector: B2B Vertical SaaS(software as a service)
Investment: $5.2 million
Funding stage: Seed round
Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office
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Asia Cup Qualifier
Final
UAE v Hong Kong
Live on OSN Cricket HD. Coverage starts at 5.30am
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
More coverage from the Future Forum
Getting there
The flights
Flydubai operates up to seven flights a week to Helsinki. Return fares to Helsinki from Dubai start from Dh1,545 in Economy and Dh7,560 in Business Class.
The stay
Golden Crown Igloos in Levi offer stays from Dh1,215 per person per night for a superior igloo; www.leviniglut.net
Panorama Hotel in Levi is conveniently located at the top of Levi fell, a short walk from the gondola. Stays start from Dh292 per night based on two people sharing; www. golevi.fi/en/accommodation/hotel-levi-panorama
Arctic Treehouse Hotel in Rovaniemi offers stays from Dh1,379 per night based on two people sharing; www.arctictreehousehotel.com
