Over the next five years, an estimated 200,000 jobs will be created in the UAE, according to experts, who have predicted that the country will return to its “glory days” of pre-2008, thanks to Dubai’s successful World Expo 2020 bid. In an effort to steer young professionals and students towards the thousands of jobs that will be created, UAE Global Management Challenge, which kicks off for the first time in the UAE in January, will encourage and stimulate entrants to gain practical experience through an innovative competition.
The Challenge consists of a management simulation in which teams of 3 to 5 people, comprising university students and corporates, are given complete control of a virtual company with the objective of obtaining the highest investment performance for its shareholders. Competitors analyze financial and economic indicators, expand their views on corporate strategy, interact with functional areas of a company and gain an in-depth understanding of the market conditions in which their companies compete.
“The UAE has a wealth of talent and through the UAE Global Management Challenge young managers and university students can hone their skills and find out what they want to do over the next few years,” said Mian Muneer Uddin, managing partner of Beaufort Associates, the consulting and advisory services firm that brought the Global Management Challenge to the UAE. “The Expo 2020 will be bringing in a wide variety of jobs and students and professionals will be able to use the competition as a platform to target the right occupation in the run up to the Expo.”
The Expo which will run for six months will bring in a variety of jobs including those in finance, real estate, retail hospitality and other services. In an effort to encourage students and professionals to gain solid practical experience and become an attractive employee, the Competition challenges young entrepreneurs to take over the reins of a virtual company. Those who enter the Competition will have the chance to experience the private sector, while gaining insight and expertise into strategy and management, so they can better make a career choice.
“Not only does this Competition contribute to developing the next generation of business leaders but it will also increase job opportunities for those living in the UAE,” added Muneer.
“Dubai has made a quick recovery, the Expo 2020 will open up the world to us and will create numerous job opportunities,” said Ibrahim Moosa Jamel, Director of Operations, Education Cluster – TECOM Investments. “The Global Management Challenge, UAE comes at the perfect time as it will not only enhance education for those students participating but will also launch them into careers that will create an impact for 2020 and beyond.”
Abdulrahman Saqr, Senior Vice President of HR and Head of Emiratisation at First Gulf Bank, who is also a member of the jury panel for the competition, said: “Hosting the World Expo 2020 will mean big things for the UAE’s economy as well as the financial sector, both in terms of number but also quality of job opportunities. As global confidence in the UAE as a financial centre increases, we’re expecting to see major investment which turn will boost in the industry in both the run-up to and during the event. It’s important that we nurture the skills of young, talented Nationals and prepare them for successful, rewarding careers in the future.”
“This competition gives young people the chance to increase their exposure, knowledge and experience in areas which will prove vital to their future success, and it couldn’t have arrived at a better time in the UAE.”
The Challenge was officially launched in September this year and encourages professionals and students to participate.
The winning team, or ‘UAE Champion’, will compete with counterparts from several countries for the world title, to be held in Sochi, Russia in April 2014.
