UAE private-sector firms urged to hit 2 per cent Emiratisation target by end of year

UAE authorities have urged private-sector companies to hit Emiratisation targets by the end of the year or face financial penalties.

Companies with more than 50 employees must ensure 2 per cent of their staff are Emirati before the start of 2023, a goal that is in line with the government's Nafis initiative.

Any company that fails to reach the target must pay Dh6,000 a month for every Emirati it fails to hire.

Young Emiratis can thrive in the private sector

The UAE wants 10 per cent of the private sector workforce to be made up of citizens by 2026.

The Ministry of Human Resources and Emiratisation said on Thursday that fines for non-compliance will be collected from January.

The ministry called on companies to support the country's push to invest in local talent and benefit from incentives on offer.

“We are keen to support and empower private sector companies to achieve the Emiratisation targets before the end of this year,” said Saif Al Suwaidi, under-secretary for Emiratisation at the ministry.

“We're co-operating closely with the private sector, stemming from our belief in its role as a key partner in developing and shaping the future.

“Given the private sector’s role in the UAE’s job market, achieving the goals and directions of the UAE require unified efforts of government entities and the private sector to improve the business environment and create an investment climate that encourages companies, investors, entrepreneurs and talents from all over the world to work in the UAE, especially in the strategic priority sectors.

“Compliance with the laws regulating the job market is in the interest of private sector companies and their employees.

“We aim to develop the capabilities of the private sector and enable it to keep pace with changes in global business models and attract UAE national talents to work in skilled jobs through the Nafis programme, which is a cornerstone of these efforts.”

Rewarding firms playing their part

In May, the UAE said it would cut some worker permit fees for private sector companies that voluntarily exceed Emiratisation targets.

This means that companies that go above and beyond what is legally required will pay only Dh250 for certain permits rather than Dh3,750.

The move was part of a new private sector company classification system introduced by the Ministry of Human Resources and Emiratisation.

The ministry offers private sector companies that reach the Emiratisation target a package of incentives, including the first category classification and membership in the Tawteen Partners Club within the establishments' classification system, through which members receive discounts of up to 80 per cent on the ministry's service fees.

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat

The specs

Engine: 3.9-litre twin-turbo V8
Power: 640hp
Torque: 760nm
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Price: Not announced yet

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Results

Stage three:

1. Stefan Bissegger (SUI) EF Education-EasyPost, in 9-43

2. Filippo Ganna (ITA) Ineos Grenadiers, at 7s

3. Tom Dumoulin (NED) Jumbo-Visma, at 14s

4. Tadej Pogacar (SLO) UAE-Team Emirates, at 18s

5. Joao Almeida (POR) UAE-Team Emirates, at 22s

6. Mikkel Bjerg (DEN) UAE-Team Emirates, at 24s

General Classification:

1. Stefan Bissegger (SUI) EF Education-EasyPost, in 9-13-02

2. Filippo Ganna (ITA) Ineos Grenadiers, at 7s

3. Jasper Philipsen (BEL) Alpecin Fenix, at 12s

4. Tom Dumoulin (NED) Jumbo-Visma, at 14s

5. Tadej Pogacar (SLO) UAE-Team Emirates, at 18s

6. Joao Almeida (POR) UAE-Team Emirates, at 22s

Top 5 concerns globally:

1. Unemployment

2. Spread of infectious diseases

3. Fiscal crises

4. Cyber attacks

5. Profound social instability

Top 5 concerns in the Mena region

1. Energy price shock

2. Fiscal crises

3. Spread of infectious diseases

4. Unmanageable inflation

5. Cyber attacks

Source: World Economic Foundation

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The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

Sam Smith

Where: du Arena, Abu Dhabi

When: Saturday November 24

Rating: 4/5

Jetour T1 specs

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Volvo ES90 Specs

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Power: 333hp, 449hp, 680hp

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On sale: Later in 2025 or early 2026, depending on region

Price: Exact regional pricing TBA

MATCH INFO

Inter Milan 1 (Martinez 18' pen)

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Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson

Director: Todd Phillips

Rating: 2/5

SPECS

Engine: Two-litre four-cylinder turbo
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The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

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What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.