UAE Projects of the 50: What are they?
Technology, industry and innovation, the UAE has become synonymous with all three. This country is a prime example of what can be achieved if you embrace the future with open arms. Thus, it is only fitting that the golden jubilee of this grand country is celebrated in the grandest style. Part of this celebration includes the recently announced UAE Projects of the 50.
Named the “Year of the 50th” by President Sheikh Khalifa, the 2021 golden jubilee will include activities and initiatives destined to revolutionise the country.
ALL ABOUT UAE PROJECTS OF THE 50
The news about the UAE Projects of the 50 was announced on Twitter by His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of the Emirate of Abu Dhabi, Deputy Supreme Commander of the United Arab Emirates Armed Forces.
On 5th September 2021, the government set out a list of 13 plans and projects that will usher in a new era of development. The announcements were met with enthusiasm and anticipation. These projects signal that the UAE is ready to emerge post-pandemic and build a bigger and brighter future for everyone.
The second batch of projects was revealed to the public on 12th September 2021 with more focus on financing. 75,000 are expected to be created for Emiratis in the private sector through various investment schemes.
PROJECTS REVEALED SO FAR
UAE Projects of the 50 include everything from building investment sectors to inviting new talented people to call the UAE their home. Let’s take a look.
BOOSTING ECONOMY AND INDUSTRY
The Emirates Development Bank has set aside AED 5 billion ($1.36 billion) for Project 5Bn, which will assist Emirati efforts in key areas, boost industry and help diversify the economy.
SELF-SPONSORING THROUGH GREEN VISA
Eligible highly-skilled professionals, investors, businessmen, top students and graduates will be allowed to sponsor themselves with the UAE Green Visa. It will also offer several advantages, including the ability to sponsor family members.
FREELANCER VISA
The first federal visa for self-employed individuals, the freelancer visa, will be established.
TECHNOLOGICAL ADVANCEMENTS
A total of AED 5 billion will be earmarked for Tech Drive, which will promote advanced technology adoption in the sector over a five-year period in collaboration with Emirates Development Bank.
EXPORT INCREMENT
The 10 x 10 initiative seeks to boost UAE exports to ten global markets: China, the United Kingdom, Russia, Australia, the Netherlands, Italy, Poland, New Zealand, Indonesia and Luxemburg by 10% annually.
LOCAL INVESTMENTS
14 economic organisations and investment-related municipal bodies (brought together by Invest.ae) will offer investment opportunities throughout the UAE. The website will provide tools for companies as well as information on how to establish bank accounts.
LOCAL SPENDING
In-country value will steer 42% of the federal government and large UAE company purchases to local goods and services. Over the next four years, the goal is to expand the number of local suppliers from 5,000 to 7,300 and raise procurement value from AED 33 billion to AED 55 billion.
FOREIGN INVESTMENT
To be held in 2022, the Emirates Investment Summit will bring together investment funds, government agencies, and the private sector to generate investment possibilities that will bring AED 550 billion (during the next nine years) in inbound foreign direct investment to the UAE.
TRANSFORMING BUSINESSES
Over the next five years, the Fourth Industrial Revolution Network seeks to strengthen 500 national businesses by using sophisticated technologies.
GLOBAL PARTNERSHIPS
Along with Economic Partnership Agreements (EPAs) that span the globe, the UAE is negotiating comprehensive deals with eight key global markets. The goal is to boost yearly trade volume from AED 257 billion to AED 40 billion. In addition, a Higher Committee for Economic Agreements has been created to oversee everything.
DEVELOPING THE PROGRAMMING INDUSTRY
Through incentives and perks, the 100 Programmers Every Day project will raise the number of coders from 64,000 to 100,000 in a year and promote the creation of programming businesses.
DATA SECURITY
Empowering people to have more control over how their personal data is used, stored, and shared is going to be a priority from now on. To that effect, the UAE Data Law was written. It is the first federal law written (in collaboration with major technology firms) that will aim to keep people’s personal information private.
ENCOURAGING INNOVATION
PyCon MEA, the Middle East’s largest programming conference, will take place in 2022. The goal is to bring together programmers from the public and commercial sectors, as well as to foster digital talent and innovative programming initiatives.
EMIRATI TALENT COMPETITIVENESS COUNCIL (ETCC)
Headed by Deputy Prime Minister and Minister of Presidential Affairs Sheikh Mansour bin Zayed Al Nahyan as the chair, this recently established council will manage the Nafis programme.
TRAIN TO HIRE SCHEMES
With a variety of cash rewards across a number of business sectors, this scheme focuses on career development in order to retain individuals. This is being done to help develop vocational training for Emiratis in private and semi-private businesses.
EARLY RETIREMENT PROGRAMMES
This programme allows Emiratis working for the federal government to explore new business possibilities and retire prematurely to establish a new private sector company while keeping their full pension. Individuals can also opt for a golden handshake payout of a lump-sum amount. Limited numbers of workers will be allowed to participate in each programme annually.
JOB LOSS CONTINGENCY
A 6-month term will be provided to Emiratis employed in the private sector who are forced to leave their employment due to circumstances beyond their control.
RECRUITMENT OF NATIONALS
Over the next five years, the private sector in the United Arab Emirates must employ at least 10% of Emirati workers.
NEW INITIATIVES PROGRAMS
Emiratis, with established jobs in the federal government, may now join two new programmes. The Startup Break programme will commence in 2022 and offer Emiratis working for the Federal Government with 6 to 12 months paid career break to start a company.
SALARY SUPPORT FOR NATIONALS
To incentivize private sector businesses to hire and educate new graduates, UAE citizens would be given wage assistance of up to AED 8,000 (about $2,450) each month for one year including five years of monthly assistance with up to AED 5,000.
STUDENT LOANS
In order to assist final-year university students and recent graduates in exploring new business ventures, a fund of AED 1 billion will be set up to provide microloans to them.
MERIT SCHEME
The UAE has allocated up to AED 5,000 to all citizens’ wages. It applies only to employees in niche areas like accounting, finance, and law, such as auditors, attorneys, analysts, and programmers.
PENSION SCHEME
Full Emirati employee contribution assistance for five years, as well as a five-year government-paid contribution on the company’s behalf against the cost of pension plans for Emirati personnel, is mandated.
CAREER DEVELOPMENT TRAINING
AED 1.25 billion will be invested to strengthen Emirati specialised vocational skills in property management, accounting, and business management. This will be done via globally recognised certificates.
HEALTHCARE EXPANSIONS
Aiming to create 10,000 Emirati healthcare professionals over the next five years, this educational grant initiative will provide financial assistance to qualified students. There will be a graduate healthcare assistant programme, a higher diploma in emergency medicine, and a bachelor’s degree in nursing offered as part of the program’s expansion.
CHILDCARE BENEFITS
The UAE’s first childcare allowance, the scheme provides a monthly grant to Emirati employees working in the private sector of up to AED 800 per child up to a maximum of AED 3,200 per month to assist with the costs of childcare until the child reaches the age of 21. The scheme is funded by the UAE government.
FREQUENTLY ASKED QUESTIONS
WHEN WERE THE UAE PROJECTS OF THE 50 ANNOUNCED?
The first 13 projects were announced on the 5th September 2021 and the next 13 were announced on 12th September 2021.
WHAT ARE THE REQUIREMENTS TO GET A GREEN VISA AND A FREELANCER VISA?
At the time of publishing this article, only initial Information about the UAE Green Visa and UAE Freelancer Visa has been released. Specific criteria and requirements are expected to be announced soon.
This concludes our guide to UAE Projects of the 50. We’ll be sure to update this post as soon as more details about these projects are confirmed.
