Abu Dhabi – As the country awaits the celebration of its Golden Jubilee, the government has announced a series of projects and initiatives to transform the UAE’s economic, political and social status over the next 50 years.
The first set of projects was declared on 5th September with new schemes on visas, campaigns to attract foreign investment and strategies to support local companies tackled. The aim is to ensure a sustainable future for all of its residents. This recent announcement was made public at Abu Dhabi’s Qasr Al Watan where the UAE ministers and top officials met. Among the initiatives presented were as follows:
- Emirati Talent Competitiveness Council – Chaired by Sheikh Mansour bin Zayed Al Nahyan, the aim is to create 75,000 private sector jobs for Emiratis, highlighting the incentives of a career break beginning 2022. The UAE targets to bring 2% of the Emirati workforce to indulge in the private sector every year, reaching to about 10% after 5 years. A fixed AED 5,000 bonus per month above their salaries will be rewarded to distinguished professionals in the private sectors, particularly nurses, programmers, accountants and others for a period of 5 years.
- New Government Policy for Emiratis – Emiratis looking to start their own business ventures will be entitled to a leave of 6 – 12 months provided with 50% of their salary to help them start their own projects. Emiratis who lose their jobs in the private sector will also be provided financial aid for 6 months.
- AED 1 Billion Fund Allotted to Support Students and Graduates – Al Gergawi announced to grant micro-loans to university students and recent graduates, together with national universities to support them in starting their own projects.
- Vocational Training Program – The private and semi-government establishments have joined forces to provide a vocational training program for a period of up to 12 months for Emiratis, supported by a monthly financial reward for the trained citizens to equip them with the right qualifications to join distinguished private sector jobs.
- Retirement After 50 – A new policy has been announced, enabling government employees aged 50 years or more to seek retirement and build their own businesses. Pension funds will be available for 5 years.
The UAE continues to solidify its stand on the global market as a rising nation with a fortified economic independency, welcoming investors from all parts of the globe while giving the best benefits for its citizens.