Emirati youth say Projects of the 50 will usher in a new era of economic development

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The UAE announced plans to allocate Dh5 billion to support Emirati projects and launched invest.ae to create more opportunities for citizens

Published: Mon 6 Sep 2021, 7:29 PM

Updated: Mon 6 Sep 2021, 7:32 PM

By
Saman Haziq

As the UAE gears up to enter a historical phase of growth with ‘Projects of the 50’, young Emiratis say they feel confident about their country's plans to establish itself as an ideal destination for talents and investors.

Calling the projects a ‘solid base’ for harnessing the right talent, Emirati national Zainab Abdullah, regulatory affairs manager at HSBC Bank, said: “I believe that the principles of the 50 announced by the UAE leaders will act as a solid foundation that can direct every Emirati on how to achieve the country’s vision. We, as Emiratis, have the responsibility to drive and deliver these principles by continuing the journey initiated by our leaders to make the UAE a leading country that keeps breaking world records across sectors.”

She added: “Personally, I strongly believe that investing in human capital is one of the main drivers for growth and success as highlighted in the fourth principle of the ‘The Principles of the 50’ that are also part of the ‘Project of the 50’ campaign.”

Dr Mariam Ketait, founder of Ebb & Flow furniture, said the UAE is taking steady steps towards sustainable growth and creating more opportunities for the youth, women and investors from all around the world.

Lauding the business schemes launched, the young Emirati entrepreneur said: “The various business projects are quite grounded and cover all important aspects that an Emirati entrepreneur would want."

The UAE recently announced the allocation of Dh5 billion to support Emirati projects in priority sectors and also launched invest.ae, a new electronic portal that will act as an umbrella for all investment-related local entities.

Dr Ketait also praised the green visa scheme, adding that her business partners, who are expatriates, will greatly benefit from it. “My partners are youth designers from different countries, and it would be great for them to bring in their family members under the green visa scheme that allows them to be self-dependent and sponsor their family members with ease.”

She added that the 10x10 scheme — which aims to achieve an annual increase in the country's exports by 10 per cent in 10 key markets — will also boost the UAE’s exports.

“As an entrepreneur, I would like to contribute to this initiative by exporting furniture that reflects on our values of cultural preservation, well-being and health,” she said.

Emirati businessman Fares Al Kaabi said the move would boost the country’s efforts in diversifying its economy.

“Diversification has been priority to the leadership since 1971, as today, the non-hydrocarbon sector accounts for more than 70 per cent of the total gross domestic product of the UAE," Al Kaabi said. "I think this is just the beginning and the ‘Projects of the 50’ will usher in a new era of economic development and diversification to promote the UAE’s economy to be one of the leading economies in the world."

saman@khaleejtimes.com