The UAE has become one of the most important countries in the matter of Technology, industry, and innovation. If countries embrace the future with open arms, it is a perfect example of what one can achieve. As a result, the country has become a perfect example of everything that can be achieved if you embrace the future and are willing to accept ideas with open arms.
In this article, you will learn what Is Projects of the 50 and why are people around the UAE celebrating this new announcement. In addition, you will read all the relevant information about how it will increase the economy and industry. How it will impulse global alliances, how it will transform businesses around the UAE and how it will promote investment. Let’s observe:
What is this Projects of the 50 about?
According to President Sheikh Khalifa, this will be the “Year of the 50th” by President Sheikh Khalifa. Therefore, the project will include activities and innovations destined to revolutionize the country. The Project was first announced via Twitter.
The UAE Projects of the 50, are a series of 50 projects that will be announced during September. In addition, Sunday’s conference was the start of the official announcements.
The program’s focus is to boost the participation of Emiratis in the private sector. His Highness Sheikh Mohammed bin Zayed Nahyan announced the program at the Qasr Watan Presidential Place in Abu Dhabi. A total amount of Dhs24 billion is disposed to support the plan.
Sheikh Mansour bin Zayed Al Nahyan will chair the Emirati Talent Competitiveness Council. Consequently, The Projects of the 50 will include 50 main programs, which will create 75,000 jobs in the private sector for Emiratis.
Among the programs are:
- New Visa Schemes.
- Campaigns to attract new foreign investment.
- Strategies to support the emerging private sector.
Projects of the 50 – 10 Principal Charters
Firstly, the Minister of Cabinet Affairs: Mohammad Al Gergawi, began the conference with a ten-principle charter:
- The major priority is the strengthening of the union: firstly, development in all parts of the country is an effective way to consolidate the union.
- The supreme national interest is the economic development of the country: all sectors across different levels have the responsibility of creating the best global economic environment.
- The UAE’s foreign policy is to serve the higher national goals: and the goal of our economy is to produce the best quality of life for the citizens.
- The principal driver for growth is human development: improve the educational system, attracting skilled talents, and retaining specialists are what will keep the country at the top.
- Good neighborliness is the basis of stability: developing stable and social relations with this vicinity is one of the most important priorities of the country.
- Secure the reputation of the UAE globally is a national mission for all institutions: certainly, the UAE is an economic, a tourist, an industrial, an investment, and a cultural destination.
- Digital and scientific excellence of the UAE will define its economic frontiers: the solidification of its position as a capital for talent will make companies and investments in these sectors establish here as the capital of the future.
- The value system in the UAE will base on openness and tolerance: the country will support the consolidation of the rule, and the respect of national identity.
- UAE’s foreign humanitarian aid is an essential part: our foreign humanitarian aid is not tied to religion, race, color, or culture.
- Calling for peace and dialogue to resolve political disputes: in conclusion, striving with regional partners and global friends to establish regional and global peace is a fundamental driver.
Increasing the economy and industry
However, with the aims of boosting the Emirati Industry and help diversify the economy, the Emirates Development Bank has set aside ($1.36 billion) for the project 5Bn, therefore, this will assist the efforts in key zones.
Self-sponsorship via a green visa
For instance, the UAE Green Visa will allow businessmen, investors, top students, graduates, and highly-skilled professionals to sponsor themselves. Moreover, this measure will give the individuals many advantages, including the possibility to sponsor their family members.
Visa for freelancers
Being the first of its type, certainly, the UAE will establish the first federal visa, the “Freelancer Visa”, for self-employed individuals.
However, in collaboration with the Emirates Development Bank, 5 billion AED is destined for the Tech Industries. As a result, this will promote the adoption of advanced technology in the sector in a five-year plan.
The UAE will start using the 10 x 10 initiative which will boost the exports to ten of the most important global markets: Australia, China, Luxemburg, Italy, Indonesia, the United Kingdom, Russia, the Netherlands, Poland, New Zealand by a margin of 10% annually.
Likewise, 14 economic organizations brought together by Invest.ae and investment-related municipal bodies will offer a new type of investment opportunities throughout the UAE. The information regarding the application as well as the tools for companies will be provided by the website.
The federal government and large UAE company purchases will direct 42% of the national purchases to local goods and services. Similarly, the main goal in the next 4-year period is to raise the procurement value from AED 35 billion to AED 58 billion and to grow the list of local suppliers from 5,000 to 7,300.
The Emirates Investment Summit will take place in 2022, as a result, this will bring together government agencies, the private sector, and investment funds to create investment possibilities. Consequently, this will create AED550 billion during the next ten-year period in inbound foreign direct investment to the UAE.
The 4th Industrial Revolution Network will strengthen 500 national companies using advanced technologies in the next 5-year period.
The UAE is negotiating broad deals with 8 key global markets along with Economic Partnership Agreements (EPAs) that will reach all the globe. Further, the UAE created the “Higher Committee for Economic Agreements” which will supervise the whole process. In addition, it will boost the annual trade volume from AED 42 billion to AED 260 billion.
Programming industry’s development
The creation of the 100 Programmers Everyday Project will raise the number of developers from 65,000 to 100,000 in a year and, most importantly, promote the creating of programming businesses through stimulus and incentives.
Moreover, the first federal law (in collaboration with major tech firms) is approved, the UAE Data Law will aim to keep the personal information of the citizens private and secured. The projects of the 50 will change how personal data is used, stored, and shared. Therefore, this will empower the people who will have total control over their information.
The largest programming conference in the middle east will take place in 2022, the PyCon MEA, its goal is to bring together developers from both the public and private sectors, in addition, its goal is to promote digital innovation and development initiatives.
Emirati Talent Competitiveness Council (ETCC)
Conducted by Deputy Prime Minister and Minister of Presidential Affairs Sheikh Mansour bin Zayed Al Nahyan as the chair, this recently created commission will lead the Nafis program.
Train to hire schemes
Likewise, this scheme will focus on career development to retain individuals making use of a variety of cash rewards within a number of business sectors. In addition, this will help the UAE private and semi-private businesses in the development of vocational training.
Initiatives for early retirement
Exploring new business opportunities and allowing them to retire prematurely to establish new private sector companies while keeping their full pension. In the same vein, the Projects of the 50, will be the opportunity for a golden handshake payout of a tax-free amount.
The number of workers allowed to participate in each program annually will be limited.
Recruitment of Nationals
In addition, thanks to the Projects of the 50, the private and semi-private sectors in the United Arab Emirates will employ at least 10% of Emirati workers.
Initiatives for new ventures
UAE citizens working for the federal government in established jobs could now join two new programs. Similarly, the Start-up Break Program will start in the next year and may offer Emiratis who work for the Federal Government the opportunity to 6 to 12 months paid career break option to start a business.
Salary support for nationals
Similarly, UAE citizens will get wage assistance of up to AED 8,000 ($2,450 approx.) each in a one-year plan including a five years plan of monthly assistance up to AED 5,000. As a result, this will incentivize the private sector companies to hire and train the new graduates.
Loans for students
For instance, the projects of the 50 will set up an AED 1 billion fund which will permit microloans final-year university students and recent graduates to explore new business opportunities.
Citizens’ wages in some areas in the UAE will have AED 5,000 incentive. Therefore, only employees in the next areas will benefit:
- Finance and Law Auditors.
- Finace and Law.
Emirati employees will take advantage of the Projects of the 50 in contribution assistance in five- year plan, in addition, a five-year government-paid mandatory contribution on the organization’s behalf against the cost of pension plans for the employee workforce.
Career development training
However, the UAE will invest in an AED 1.25 billion plan with aims to strengthen the Emirati specialized vocational skills force in:
- Property management.
- Business management.
This will be put into practice via internationally recognised certificates.
Expansions in healthcare
Firstly, the UAE Project of the 50 will provide an educational grant initiative that will give financial assistance to qualified students. Moreover, the UAE’s focus is to create 10,000 Emirati healthcare professionals in a five-year program.
The creation of the graduate healthcare assistant program will offer a higher diploma in emergency medicine and a bachelor’s degree in nursing.
Certainly, the UAE project of the 50 will provide employees working in the private sector with an income from AED 800 per child up to a maximum of AED 3,100 monthly. This will assist the cost of childcare until the child reaches the age of 21. In addition, this program will be the first of its type, on the other hand, this scheme is funded entirely by the UAE government.
When did the 50 UAE Projects of the 50 get announced?
Firstly, 13 projects were announced on September 5th of 2021, secondly, the next 13 were announced on September 12th of 2021 via Twitter.
What are the criteria for obtaining a green card and a freelancer visa?
During the of publishing this article, there is no official announcement of the UAE Green Visa or UAE Freelancer Visa. That is to say, particular criteria, application process, and all the requirements are expected to be announced soon.
A visa owner can sponsor some members of their family such as parents and sons until the age of 25. Once the green visa expires, holders will have 3 to 6 months grace period. In conclusion, the visa is granted to highly skilled individuals including students, investors, and businessmen.
However, owners of independent businesses or self-employed individuals will get freelance visa.
How can Connect Group take advantage of the UAE Project of the 50?
Now that you know everything regarding the UAE Project of the 50, what it will consist of, and its main focus. With Connect Group by your side, your company will reach your personal goals by offering you the best services across the UAE. If you decide to contact us, we will assist you throughout the entire process of getting into the program
Meanwhile, we have a team of specialists ready to answer your inquiries about the program.
We have other services that will ensure to benefit your company’s growth. For example, if you want to improve your HR department using our services, you can request HR consultancy, insurance, or our attendance. Similarly, our services include HR management systems, WPS and the best payroll in the market.
Likewise, you can find the employees you need in a more efficient using our recruitment services.
Would you like to contact ConnectGroup to obtain tips and more useful information about the UAE Project of the 50?
If you have any inquiries, call us on +97143316688. And you will talk to one of our representatives who will answer all of your questions and inquiries.