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UAE can generate 43,000 jobs in the next 10 years

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According to WEF’s Upskilling for Shared Prosperity report, by closing skills gap, UAE GDP will gain Dh16 billion.

UAE will gain $4.3 billion (Dh15.8 billion) in GDP, which equates to 0.6% of the country’s GDP.

The report remarked that countries with skilled workforces, but comparatively smaller jobs markets will see fewer benefits, like the UAE, where the private sector is underdeveloped.

To advance skills, the UAE launched the Accelerator programme to formulate new business models and practical tools to close the gap.

The report sustains that many oil-based economies, such as the GCC countries, will face bigger challenges because capital and skilled nationals are heavily employed in sectors that are not the most innovative or subject to high long-term growth.

It warned that investments in skills are not resulting in high economic and social returns in the Middle East, North Africa, and Turkey, primarily because of a mismatch in jobs and an unbalanced economy made up of a dominant public sector and underdeveloped private sector.

Upskilling could lead to net creation of 5.3 million new jobs by 2030 and Covid-19 has accelerated this trend because it is forcing digitalization and automation at a more rapid pace.

Elaborated by IICUAE, to read full article, click below.

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