(MENAFN- Emirates News Agency (WAM))
CAIRO, 9th April, 2018 (WAM) -- The UAE labour market is one of the most flexible markets at the regional and global scale, securing jobs to more than five million people from different nationalities in 2017 and receiving 1.35 million highly skilled workers for the private sector, stated Nasser bin Thani Al Hamli, UAE Minister of Human Resources and Emiratisation.
According to the Global Competitiveness Report 2017-2018 released by the World Economic Forum, the UAE has been ranked the first in the Arab world and 11th globally in the labour market efficiency index. The UAE ranked second globally in the attraction and retention of skilled professionals.
''Average job transfer in the UAE labour market reached more than five percent in 2017 driven by a package of reforms introduced by the government in 2016,'' the minister told the 45th Arab Labour Conference, which opened on Monday in the Egyptian capital, Cairo.
The minister noted that robust economic activities made the UAE economy more resilient and sustainable, creating more job opportunities in alignment with the economic diversification strategy and post-oil era.
"The whole world, including our Arab world, is experiencing complicated technological, economic and social transformations, which experts predict to have a far-reaching impact on the labour markets reality. We all need to pay due attention to these effects. We, as decision-makers and regulators of labour market, should develop policies and programmes to address these transformations and their aftermath.
"Artificial Intelligence may contribute US$15 trillion to the world GDP by 2030 or more than a tenth of global oil revenues and this means promising diverse job opportunities to our young professionals,'' he said.
He stated that the UAE Vision 2021 seeks to raise public expenditure on research and development three times than the current rate as part of efforts to develop skilled manpower.
He called for earmarking enough investment to rehabilitate Arab youth and equip them with knowledge and education in order to harness their energies to develop local communities to ensure better future.
The conference will continue until 15th April to discuss the Arab Labour Organisation's report on market dynamics among other issues.
WAM/Tariq alfaham/Hassan Bashir
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