Abu Dhabi reiterates the goal of 10% Emiratisation by 2026 and plans to stimulate the private sector companies who comply with the measures. These companies will be able to take advantage of various incentives such as, discounts of up to 80% on the ministry’s services.
At an informational session dedicated to the goal of increasing the Emirati workforce in the private sector in the UAE, the Abu Dhabi Chamber of Commerce and Industry emphasized the ongoing efforts of the country to boost Emiratisation, including relevant support schemes and legislations. Representatives from the Abu Dhabi Department of Economic Development, Ministry of Human Resources and Emiratisation, as well as the Emirati Talent Competitiveness Council also took part in the event.
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As stated by the Deputy Director-General for advisory centers and councils at the Abu Dhabi Chamber, Helal Mohamed Al Hameli, the government in the state has launched the comprehensive federal programme ‘NAFIS’ and allocated AED 24B (USD 6.5B) in order to support the private sector and create 75,000 job opportunities for Emiratis in the private sector over the next few years. The programme was launched as part of the ongoing efforts of Emiratisation and among the ‘Projects of the 50’.
The UAE’s target of increasing the Emiratisation rate includes increasing it by 2% annually in highly-skilled jobs in companies that employ 50 workers or more starting this year, in order to hit the target indicator of 10% by 2026. To obtain discounts of up to 80% on the ministry’s services and other incentives, companies complying with the Emiratisation plans will need to raise Emiratisation “at a rate of no less than three times the target”.
At the moment, applications are open for participation in the Fintech Corporate Sprint Accelerator in Abu Dhabi. In addition, the accelerator will choose participants who will receive an XRPL grant to work on solutions for the open source public blockchain; the cost of which is about USD 25,000.
The Fintech Corporate Sprint Accelerator is open for startups from all over the world. Accepted startups will receive sponsorship to travel to the UAE, as well as to present their projects at GITEX, which is the annual technology exhibition which will be held from 10 to 14 October this year.
The programme, organized by the Abu Dhabi-based accelerator; StartAD, in cooperation with Ripple’s University Blockchain Research Initiative, will last 3 weeks. Participants of the Fintech Corporate Sprint Accelerator will benefit from networking, training, brand building, and one-on-one meetings with prominent investors and leaders in the startup ecosystem.
Startups willing to participate in the accelerator should be at pre-seed or seed rounds of growth and should have a product in the completed development phase. Key areas comprise P2P lending, blockchain-powered applications, digital distribution platforms for financial products, insurance, identity and authentication, cryptocurrencies and remittances, financial education, payment gateways and financial inclusion.
A new trade association which is dedicated to investment management specialists, was launched in the emirate of Abu Dhabi. The organization called Middle East Investment Management Association (MEIMA) strives to engage with regulators in order to drive a competitive and compliant regional asset management operating environment. The membership-based trade association will be a platform to support and develop the asset management industry in the region.
According to the statement of the group’s Chairman, David Rothon, MEIMA was established with the aim of creating a bigger investment marketplace across the MENA region, improving liquidity and bringing industry professionals together. The MEIMA group is registered in the Abu Dhabi Global Market and is also open to advisers, lawyers and wealth managers.
The launch of the new trade association comes as the emirate of Abu Dhabi continues to attract investors, as part of a broader UAE campaign to modernize its economy away from oil dependence.
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