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Number of Expat Health Workers in Oman Take Huge Hit in 2018

Number of Expat Health Workers in Oman Take a Huge Hit in 2018

Not even the historic significance and contributions of expat workers in the country can challenge the new nationalisation programme, which aims to bring in more Omani workers into the workforce to help the sultanate’s challenged social system and economic performance.

As several countries in the Middle East have already imposed its nationalization scheme, many foreign nationals who have long been eyeing employment in the Gulf region, and even those who have already been in the workforce, are experiencing a major shift from being stably employed to permanently out of place across various industries wherein they have already earned their keep throughout the years.

Expat Health Workers in Oman Replaced by Citizens by the Thousands

In line with this, around 3,000 expats employed in Oman’s health sector were replaced in 2018 as the on-going Omanization project aimed at reducing unemployment levels among the country’s nationals pushes through, as shared in a report by the Arab News.

From 2015 to 2019, around 2,869 foreign nationals were replaced by Omanis, pushing the proportion of locals working within the Ministry of Health to 39,220 – which is now at 71 percent of the total workforce by the end of last year – according to Ministry of Health figures.

In January 2018, the Sultanate introduced a six-month visa ban across certain professions, and there have been a number of extensions to the ban since then and it has also been expanded to cover other industries and professions.

As a result, tens of thousands of Omanis have found work since the ban was brought in.

However, looking at history, Gulf countries have long been dependent on expatriate workers to power their economies.

In 2013, a survey revealed that up to 71 percent of Oman’s labour force were foreign-nationals.

Furthermore, labour estimates revealed that in Qatar, the expatriate workforce was as high as 95 percent, in the UAE it was 94 percent; 83 percent in Kuwait; 64 percent in Bahrain; and 49 percent in Saudi Arabia.

However, due to the challenges brought by the oil crisis that has hit the region in recent years, the ballooning cost of social services among unemployed nationals simply cannot sustain economies that apparently give out more than what they receive, thus, the nationalisation programme came to be.

These programmes aim to absorb more of their citizens into the workforce, slashing the high levels of unemployment, and creating an environment, where nationals are capable of producing money through their own efforts, as well, and not only through their dependence from their governments.

ALSO READ: Manpower Ministry to Rectify Work Status of Over 16,000 Expats in Oman

Mall in Oman Soon to Open Inside Sports Club Premises

Despite being one of the relatively smaller countries in the region, Oman has matched all its contemporaries in terms of wealth, natural resources, and economic performance, among others.

Along with the national government’s efforts, many stakeholders and other industry leaders in the country are also developing new ways to position the country in the region among the best in terms of innovation and services in their respective fields. This makes Oman among one of the most exciting places to visit in the Middle East.

A Mall and Sports Club in One: A First in Oman

And in a first of its kind, one of Oman’s most decorated clubs, Seeb, has announced that it is all set to open a mall on its premises, as shared in a report by the Muscat Daily.

The new project, known as the Grand Bazar Seeb, will span over 10,000 sqm, and is expected to be formally opened early next month, and will be an example for the other clubs in the country to follow.

According to HH Sayyid Shihab bin Tariq al Said, the club’s president, the Grand Bazar Seeb will serve the youth and the people of the wilayat of Seeb.

He added, “It is a project that we envisaged many years back and we are happy to see it completed. It is an example of how sports clubs in the sultanate can look into private investment opportunities to become self-reliant. The Grand Bazar Seeb will boost the club’s financial well-being and is certain to provide benefits on all fronts.”

Of note, Sayyid Shihab has been instrumental in leading Seeb Club to great heights as it boasts of a record number of 12 His Majesty’s Cup for Youth titles including four in a row, with the last coming in December 2018.

HM’s Cup for Youth is the symbol of club supremacy in the sultanate and Seeb is known for its all-round excellence in various sports, with 11 sporting activities practised and promoted by the club.

As the club has strove to focus on different sports rather than just football, it has seen it bring laurels in other sports. Meanwhile, the Grand Bazar is expected to pave way to more (recreational and sports) activities in the sultanate.

“This is the largest mall coming up on a club premises and it is a pioneering initiative. I hope other clubs can take cue from this project and move towards such innovative plans to enhance their financial situation. We are proud that the investors displayed trust in us. We thank JINFA for investing in the project.” Sayyid Shihab noted.

The mall is expected to offer nearly 300 outlets for apparels, toys, household goods, ample parking space and restaurants. The mall will also have accommodation for foreign players of the club and would also rent out office spaces for its other corporate ventures.

ALSO READ: [GUIDE] Top Destinations to Visit in Oman

Nicki Minaj to Banner Music Festival in Saudi Arabia

Just when the world is seeing progress with Saudi Arabia’s stand towards women’s rights and treatment, a new issue comes up concerning this topic, as an international concert is set to take place in the Saudi capital this month.

As the event is branded as an international concert, a list of high-profile names in the music industry will be featured on Saudi stage for the first time. Certain names on the list caused several eyebrows to raise, touching on the sensitive topic of how women must behave in Saudi society.

Gov’t Draws Criticism Over Saudi Concert to Feature Nicki Minaj

Among the top artists included on the list of international artists who are set to perform in Jeddah World Fest on July 18 is Nicki Minaj, as shared in a report by the Guardian.

The said concert – in line with Saudi laws – is alcohol and drug-free, open to people age 16 and older, and will take place at the King Abdullah Sports Stadium in the Red Sea city.

The announcement was believed to be a move by the ultraconservative kingdom to shed decades of restrictions on entertainment.

However, reactions on social media ranged from shock and joy to criticism and disappointment. In a profanity-laced video posted on Twitter, which has already gained over 37,000 views, a Saudi woman wearing a loose headscarf criticized the Saudi government of hypocrisy for inviting Minaj to perform but requiring women who attend the concert to wear the modest full-length robe known as the abaya. Most Saudi women also veil their hair and faces.

The woman pointed out the kind of “entertainment” Minaj will bring to the show, but expresses her frustration as to how women in the Kingdom are still expected to be covered up, when attending the concert.

Here’s an intro video on the Jeddah World Fest, as shared on their official Facebook page:

Saudi organizers shared that the concert will be broadcast globally and covered by MTV. Other notable performers include the British artist Liam Payne and the American DJ Steve Aoki. The kingdom is also promising quick electronic visas for international visitors who want to attend.

Over the past several months, major performances from artists such as Mariah Carey, Enrique Iglesias, Black Eyed Peas, Sean Paul, and the DJs David Guetta and Tiesto, have been featured in the Kingdom.

Of note, these concerts portray a stark change from when Saudi morality police would raid establishments that played loud music.

Also, to this day, gender segregation between single men and women is still enforced in many restaurants, coffee shops, public schools and universities, but other rules have been loosened, with women now allowed to drive and attend events in sports stadiums.

ALSO READ: Saudi Fund Invests on Women Empowerment in the Kingdom

Why is the UAE Pension Fund Necessary for Expats?

Working overseas can be tricky for expats because aside from paying taxes, they also need to pick or set up their pension funds either in their host country or homeland, looking ahead into their retirement, which is always a sound plan for any working individual.

However, as the decision to set up one’s own pension fund can be quite tedious to do by oneself, does joining the state pension fund, say, for those living in the UAE, advisable or important at all?

UAE Pension Fund: Is it Necessary for Expats ?

While the Gulf country has earlier announced that it will enhance and improve the end-of-service gratuity scheme, there is still a need for the UAE to set up a pension fund for expats according to experts, as shared in a report by the Khaleej Times.

According to Barney Almazar, a director at Gulf Law, this is particularly important in the case of the UAE, where around 90 percent of the workforce is composed of expatriates.

Almazar explained that for an employee working in his or her own country where the employer is mandated to contribute to one’s social security services, the employee may rely on the state for healthcare benefits.

However, this is not the case for expats – unless the person opts to contribute voluntarily to his home country pension fund – there is no secured source of income after retirement.

“In this regard, a viable framework is geared towards prefunding. The company and the employee can both contribute to a retirement fund, including post-employment healthcare coverage,” Almazar pointed out.

He further said, “As majority of the workforce are expats, relevant investment and portability provisions should be in place, giving the employee the ability to manage their individual ‘savings’ accounts. This also minimises the risk of employers not having set aside enough money to pay for the promised benefits.”

However, legal experts, financial analysts and medical professions also emphasized that gratuities should not be considered as “a nice exit bonus” because these are way below enough to cover an employee’s retirement expenses.

For his part, Prasanth Manghat, CEO and executive director of NMC Health, said: “Majority of UAE residents depend on their end-of-service gratuity payment to fund their retirement, and the new system stands to help fund the retirement gap between the gratuity payment and retirement costs. Such plans would also provide support for an individual’s healthcare needs during his or her twilight years.”

In line with this, a mandatory pension fund will be ideal and the management of the fund must be transparent to ensure sustainability in the future, Almazar noted.

In a nutshell, expats need to invest for their retirement for the following reasons:

Longer years of service – medical advancements supporting increased retirement age and years of service will assure expats to benefit from retirement and end-of-service benefits.
No secured source of income or social coverage – unless the person opts to contribute voluntarily to his home country pension fund – there is no secured source of income after retirement in a foreign country.
Rising healthcare costs – medical services are constantly on the rise. Therefore, having healthcare coverage through a pension fund will prove to be a big help financially during an expat’s twilight years.

ALSO READ: Why Should I Get Health Insurance in the Middle East?

UAE Lands in Top 10 Best Countries for Expats Worldwide

In all of its efforts to improve the people’s quality of life through innovation, diversity, and tolerance, the UAE has positioned itself among the most popular countries pursued by expat in terms of work, living conditions, and overall appeal.

And while there are so many great places an expat can be in the world, the high number of foreign nationals going to the UAE is a testament of how progressive and ideal the UAE is for residence and employment among expats coming from all parts of the world.

UAE Claims 9^th Place in World’s Best Countries for Expats – Survey

This phenomenon has been duly confirmed when the Gulf state has been ranked among the world’s top 10 countries to live and work in for expatriates, according to the annual expat report by HSBC, as shared in a report by Gulf Business.

The country placed ninth for 2019, up by a spot from last year’s ranking.

Career progression, financial security, and a great place to raise a family were cited as the biggest positives by expats living in the UAE, according to HSBC’s expat explorer survey.

Of note, up to 62 percent of millennial expats cited career progression as a key reason for relocating – 15 points above the global average.

Furthermore, around 35 percent of millennial expats shared that their move had resulted in quicker promotions compared to their home country, while the salary uplift they get in the UAE is the highest globally, with the average young executive adding 51 percent to their annual income – more than any other age group.

According to the report, the top-most financial priorities for UAE expats were saving and investing for retirement (82 percent), children’s education (47 percent), and property (43 percent), which create an ideal environment for settling down and/or raising a family.

Marwan Hadi, head of Retail Banking and Wealth Management, HSBC UAE, noted: “While earning potential and career growth are what bring people here, it’s the improved quality of life and safe environment that keep them here for good.”

Accordingly, the report also revealed that up to 83 percent of expats who relocated to the UAE expressed that they feel safer and more secure than in their home country, compared to 48 percent of movers globally.

Interestingly, the survey also revealed that almost half of the expats living in the country plan to stay long. Since moving to the UAE, 46 per cent of all UAE expats expect to stay for five to over 10 years.

The survey was completed by 18,059 expats from 163 countries and territories through an online questionnaire posted between February and March 2019.

ALSO READ: UAE Announces Charges for New Long-term & Multiple-entry Visas

UAE Police Caution Residents Against Heatstroke

In the Middle East, environmental temperatures can be one of the most challenging adjustments, which expats and even some residents have difficulty dealing with even today.

Because of this, many governments in the region have issued a ban for employees whose work requires them to remain under the sun for a long time, in consideration of the dangers staying under prolonged heat could cause to their health. In the UAE, extreme temperatures recorded could reach up to 60 degrees, which is extremely hot for some nationalities who come from colder parts of the world.

Heatstroke Warning in Extreme Weather Issued by UAE Police

In the UAE, the Abu Dhabi Police issued a summer warning on Tuesday (July 2), urging residents to remain hydrated and to stay in the shade as much as possible, as shared in a report by the Khaleej Times.

The reminder issued comes from the Directorate of Emergency and Public Safety at the Abu Dhabi Police’s Central Operations Sector, in recognition of the dangers of heatstroke, as the summer heat peaks in the region.

In line with the department’s ‘Have a Safe Summer’ campaign, the police advised people to avoid long periods of direct sun exposure as this may lead to heatstroke, which can be fatal if not treated right away.

Heatstroke, also known as sunstroke, is a medical condition in which the body is unable to control its temperature due to exposure to extreme weather conditions.

According to the police, the condition may progressively worsen and damage the brain cells or internal organs, such as the heart or kidneys.

“The temperature of the body may reach 41 degrees Celsius. The symptoms of sunstroke may include nausea, rapid heartbeat, muscle spasm, hallucinations and disorientation, lack of sweating despite high fever, loss of consciousness and fainting,” the police said.

In line with this, all residents were advised to drink enough water, wear loose and light clothing, and limit their stay in open spaces.

In previous years, authorities have recorded cases of heatstroke, due to prolonged exposure under direct sunlight and failing to drink enough water.

The authorities also shared these important tips to help those suffering from heat exhaustion, or emergency cases of heatstroke:

Transfer the patient to a cooler place, preferably under the shade with good ventilation.
Remove any restricting or unnecessary tight clothing and give them a cool shower and cold drinks, if they are conscious.
If a person is unconscious, make sure that they can breathe without any difficulty. They may be put in the recovery position (sideways), with ice packs placed in the armpits, groin and on the neck.
Immediately dial 999 and seek medical help and assistance from relevant authorities. Give accurate descriptions of the victim, as well as the first aid or steps done to provide help to them.
Stay with the patient until the ambulance arrives.

ALSO READ: Gulf Country Announces Mid-day Work Ban for Workers

Saudi Fund Invests on Women Empowerment in Kingdom

For the longest time, the Kingdom of Saudi Arabia has lagged in terms of gender equality and women’s rights, as called out by various international human rights organizations through the years.

However, nothing is ever too late, as the Kingdom, with its progressive stand on transforming Saudi’s society into a more global environment for all of its residents – locals and expats alike, has been pursuing initiatives, as supported by national stakeholders such as businesses and public organizations to create a more gender-neutral society, starting with the workforce.

Saudi Fund Invests on Women Empowerment in the Kingdom — Credits: SIDF

Women Empowerment Prioritized by Saudi Development Fund

In line with this, the number of women in the Saudi Industrial Development Fund workforce has increased from 0 to 13 percent in the past two years according Noor Shabib, the fund’s assistant director general for strategic planning and business development, as shared in a report by the Arab News.

According to the report, women were hired in various positions, including as directors and managers, and across different organizations.

Shabib shared that they are very proud of the achievement that they have all worked hard for as a firm, and with everything that is happening in the Kingdom in accordance to its Vision 2030.

Speaking during a panel discussion entitled “A Business Priority: Empowering Women Leaders” during the Diversity Council conference, in Dubai, Shabib, who is the first female senior executive in the fund, plans to increase contributions relative to GDP in industry, mining, logistics, and energy to $320 billion by 2030.

She further noted that their plan all along was to “attract the top talent,” and allowing women to join the workforce to provide companies with a wider selection of skills and talents to ensure that they are hiring the best candidates for the position.

In her talk, Shabib explained that there are certain prerequisites that make it easier to empower women, such as the support of top leadership, taking chances on women leaders, and providing a supportive and safe environment for them to work and lead.

“And, I think if I was to summarize everything… (it) is to empower, listen and adjust,” she shared.

Shabib shared the platform with the founder of the international Diversity Council Tine Willumsen, UN Resident Coordinator for the UAE Dena Assaf, and du CEO Osman Sultan, who gave their own inputs on how to help women reach leadership positions in business.

And while the prevailing culture in Saudi Arabia and the region still dictates that women must prioritize family life, marriage, and children above having a career, there has been a remarkable change at a greater pace in Saudi Arabia.

ALSO READ: Meet the First Female Saudi Commercial Pilot

Here are the World’s Most Powerful Arabs in 2019

As a region, the Middle East has been one of the earliest leading destinations when it comes to trade, religion, and other economic endeavor. Fast forward to today… the region still remains to be one of the strongest in the world.

Of note, the Middle East has also produced a number of great individuals who excelled in their fields of work, have contributed to the development of our world today, and made significant contributions to the entire human race. In this post, we will acknowledge some of the biggest personalities in 2019 who hailed from the Arab world, or are of Arab lineage.

[LIST] Meet 2019’s Most Powerful Arabs in the World

While the concept of power is subjective by nature, those who took up a personal or social cause and has wielded it in their own capacity to impact a change in their lives as well as to the rest of the world during or for the majority of their lifetime can be rightfully deemed ‘powerful’ in their own terms.

In this article, we will share a list of people who have rendered their lives for this cause, as curated in a report by the Arabian Business.

From Oscar-nominated film director Nadine Labaki, who changed the lives of amateur refugee actors by casting them in her feature film Capernaum (and convinced us to look at a unique piece of the world through their eyes) to Rashida Tlaib, who became the first Muslim woman to serve as the US Representative for Michigan’s 13th congressional district in 2019 and the first Palestinian-American woman in Congress.

And then there’s Ayman Hariri, who is taking on Facebook with his ad-free social app Vero and helping users ‘wake up to the high price of free’ as platforms continue to mine data, affecting privacy, mental health, and even national elections.

Let’s acknowledge and pay tribute to some of the great Arab men and women who have made an impact to the world and the way we live in it today. The list is presented in no particular order below:

Abdalla Sultan Al Owais – Al Rawabi Dairy Company UAE, Sharjah chamber of Commerce & Industry AND Sharjah Expo Centre
Abdallah Massaad – RAK Ceramics
Ahmed Abou Hashima – Egyptian Steel, Egyptian Cement, Egyptian Contracting and Egyptian Media Group
Abdul Aziz Al Ghurair – CEO, Mashreq Bank
Abdulaziz Al-Sowailim – EY Middle East and North Africa (MENA)
Ahmed bin Rakkad Al Ameri – Sharjah Book Authority
Sheikh Ahmed Bin Saeed Al Maktoum – Emirates Group
Aisha Bin Bishr – Smart Dubai Office
Ali Rashid Lootah – Nakheel
Amal Clooney – Doughty Street Chambers
Amin Nasser – Saudi Aramco
Badr Al Olama – Aerospace and Defence, Mubadala Investment Company; Organising Committee, Global Manufacturing and Industrialisation Summit
Ayman Hariri – CEO, Vero
Badr Jafar – Crescent Enterprises
Carlos Slim Helu – America Movil
Elie Saab – Elie Saab Fashion
Cherif Sleiman – Infoblox
Fadi Jawad – Eurotech Oil and Gas Training and LABNANA Lebanese Initiative
Fadi Ghandour – Wamda Capital
Fairuz – Singer
Fatima Al Jaber – Board Member, Al Jaber Group
Ghaith Al Ghaith – Flydubai
Farid Chedid – Chedid Capital group of companies
Dr. Habib Al Mulla – Baker & McKenzie Habib Al Mulla
Huda Kattan – Huda Beauty
Hussain Sajwani – Damac Holding
Jassim Alseddiqi – Abu Dhabi Financial Group
Ismail Al Hammadi – CEO, Al Ruwad Real Estate and Biznet Consulting
Jamal Abdulla Lootah – Imdaad
Khaled Al Huraimel – CEO, Bee’ah
Lubna Olayan – SABB, Alawwal Bank
Majid Al Futtaim – Majid Al Futtaim
Mansour Bin Jabr – Bin Jabr Group
Mohamed Hadid – Hadid Design and Development Group
Michel Accad – Al Ahli Bank of Kuwait (ABK)
Marwan Bin Jassim Al Sarkal – Sharjah Investment and Development Authority (Shurooq)
Mazin Khoury – American Express Middle East
Mohamed Alabbar – Emaar Properties
Mohammed Ali Al Shorafa Al Hammadi – United Eastern Medical Services (UEMedical)
Mohamed Salah – Athlete, Liverpool FC and Egypt
Nadine Labaki – Actress, Director
Naguib Sawiris – Orascom
Najla Al Midfa – Sharjah Entrepreneurship Centre
Nashwa Al Ruwaini – Pyramedia, Al Joude Investments, al Joude Advertising and Publicity, Delma Medical Centre
Nidal Abou-Ltaif – Avaya International
Randa Bessiso – The University of Manchester
Rashid Al Ghurair – MENA Energy
HE Reem Abdel Rahim BinKaram – NAMA Women Advancement Establishment
Prince Alwaleed Bin Talal Al Saud – Kingdom Holding
Rashida Tlaib – US House of Representatives
Nasser Sulaiman Al-Nasser – Saudi Telecom Co.
Rami Malek – Actor
Reem Al Hashimy – UAE Minister of State for International Cooperation Expo 2020
Saif Belhasa – Saif Belhasa Group of Companies
Rola Abu Manneh – Standard Chartered Bank, UAE
Zayed Hussein Al Baddad – Senior Executve, ALBADDAD Capital Group, ALBADDAD Real Estate Group, ALBADDAD Holding Group, ALBADDAD Manasik Holding

These people have all proven their worth in their chosen field or profession, and in the process, have brought prestige and honour not only to themselves, but also to the Arab race.

ALSO READ: Saudi Arabia Reaffirms Commitment in Support of Women Empowerment

[WATCH] Catch Breathtaking Views from Dubai’s Newest Landmark

[WATCH] Catch Breath-taking Views at the Newest Dubai Landmark

As the city opens to more tourists through the help of the initiatives set by the national government, more promotions, as well as new entertainment facilities are set to open within the year, adding to the excitement both visitors and guests are already experiencing so to speak.

Soon, another new landmark destination will provide visitors and residents the opportunity to see the city from a different vantage point, one that is sure to take our breaths away, for its historic relevance as well as aesthetic value.

[VIDEO] Dubai’s Newest Landmark to Offer Exhilarating Views of the City

Very soon, master developer Nakheel is looking to establish another stunning landmark attraction to Dubai’s recreation and leisure amenities with The View at The Palm, a public observation deck towering 240 metres above the world-famous Palm Jumeirah, as shared in a report by the Khaleej Times.

With its easy accessibility from Nakheel Mall, the observatory will offer spectacular, unobstructed views of The Palm, the Arabian Gulf and the Dubai skyline, highlighting the incredible story behind the making of the island that put Dubai on the global map.

Catch the promotional video here shared by the Dubai Media Office via Twitter:

See #Dubai from a whole new point of view, 240 metres above Nakheel’s world-famous Palm Jumeirah https://t.co/xmODaYjeMu pic.twitter.com/IS8jt4A7NT

— Dubai Media Office (@DXBMediaOffice) July 3, 2019

https://platform.twitter.com/widgets.js

The View at The Palm, for which a contract was signed last month, is located on the top level, 52nd floor of The Palm Tower, at the heart of the island. The observation deck, which includes a VIP lounge and areas for private events, is expected to be completed very soon.

According to Omar Khoory, Managing Director of Nakheel Malls, “The View at The Palm will combine awe-inspiring, breath-taking views with an interactive, educational experience about the creation of the iconic Palm Jumeirah. This stunning new attraction – the only location in Dubai offering this unique experience – will be a magnet for residents and tourists.”

Guests of the scenic observation dock will start their journey at the roof plaza of Nakheel Mall, where they will find an interactive museum and gallery dedicated to the creation of Palm Jumeirah. From there, an elevator, complete with a floor-to-ceiling digital sea, sand and sky experience, will take them on the three minute ascent to the observatory at the top of The Palm Tower, where they can marvel at the island beneath them, and enjoy 360 degree views of Dubai.

Upon returning to the ground, guests can relax and enjoy the delightful delicacies offered at The View café or browse the gift shop at the Nakheel Mall roof plaza.

Visitors to The View will be able to purchase their tickets online, by phone or in person at the Nakheel Mall roof plaza, for a day or night experience, whatever fits to their liking.

The Palm Tower, Nakheel’s newest and soon-to-be iconic landmark for Dubai, includes a St. Regis hotel and luxury residences, with a rooftop infinity pool and restaurant underneath the viewing deck. The tower is directly connected to the Nakheel Mall, which is set to open this year. Nakheel Mall has over 350 shops, restaurants and attractions, and its own Palm Monorail station.

ALSO READ: Dubai’s ‘Heart of Europe’ Investors to Qualify for Moldovan Passport

UAE Offers Full Ownership to Foreign Investors in 122 Sectors

As the UAE government takes its a society in the direction where people are more accepting and tolerant of others, especially towards foreign nationals in the country, as capped by the recent move by the government to offer permanent residence status to expats that have made significant contributions in the society through their years of stay in the country, new measures are still being developed to help boost the country’s economic activities – again, through the aid of interested foreign investors.

The decision can be regarded as the country entirely opening up to the rest of the world to welcome and achieve globalization within its own domain and conditions.

Investors Can Now Fully Own Businesses in 122 Sectors in UAE

On this regard, the UAE government once again made another historic announcement on Tuesday (July 2), as it offered 100 percent foreign ownership in 122 economic sectors, as shared in a report by WAM.

The announcement was made by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai via his official Twitter page on June 2.

A total of 122 economic activities across 13 sectors were identified to become eligible for up to 100 percent foreign ownership such as renewable energy, space, agriculture, and manufacturing industry, among others.

The decision presents investors an opportunity to acquire various shares in a number of economic activities including the production of solar panels, power transformers, green technology, and hybrid power plants.

Other areas opened to foreign ownership include hospitality and food services, information and communications, as well as professional, scientific and technical activities, thereby allowing for ownership in laboratories for research and development in biotechnology. The list also includes administrative services, support services, educational activities, healthcare, art and entertainment, and construction.

In his tweet, Sheikh Mohammed announced, “Today, I chaired a session of the Council of Ministers in Abu Dhabi, during which we adopted a resolution allowing 100 percent foreign ownership in UAE’s 122 economic sectors – giving foreigners 100 per cent ownership of their investment. Sectors include agriculture, manufacturing, renewable energy, e-commerce, transportation, arts, construction, entertainment among others.”

The decision further strengthens expats’ hold on the country’s economy alongside the new visa scheme implemented by the government creating new opportunities for foreign nationals to take part in the growth and development of the UAE’s economy across a wide range of industries, both established and being developed at the moment.