77% business leaders believe incubating national talent contributes to economic diversification
A London Business School (LBS) survey reveals that 77% of regional business executives believe incubating national talent contributes to economic diversification strategies in the Middle East.
The survey of more than 200 business executives, including members of London Business School’s community, highlights Emiratisation and other GCC nationalisation policies as key factors enabling diversification and growth in the economy. Improving the skills of local talent will encourage nationals to take up positions across various industries, therefore helping to diversify the economy.
The benefits of nationalisation were recently highlighted by the UAE Minister of Economy, HE Sultan bin Saeed Al Mansoori, who lauded the aviation industry in the country as a leader in the Emiratisation movement. Al Mansoori commended the sector’s contribution towards nurturing and developing national talent for the long-term benefit of the economy, supporting the UAE Vision 2021 strategy.
Nouf Al Khalifa, Director – External Relations Middle East, London Business School Dubai Centre said: “The UAE has enjoyed an influx of world-class talent over the past decade particularly in the private sector, and this is set to continue ahead of Expo 2020. This influx allows locals to have further opportunities to grow across sectors and industries that collectively benefit the country over the long term.”
Earlier this year, the Ministry of Human Resources and Emiratisation announced two decrees to promote Emiratisation in the private sector. The decrees ensure that companies with more than 1,000 workers must fill designated roles with home-grown staff.
Commenting earlier this year, Andrew Scott, Professor of Economics, London Business School, said: “Crucial for economic development is strong education, and those with education working in productive and innovative sectors. The need for skilled workers has become all the more important in the face of globalisation and developing technology. With Artificial Intelligence widely seen as about to usher in a Fourth Industrial Revolution, the need for knowledge workers is set to become even more important.”
London Business School has been developing the region’s business leaders for the last 10 years from its Dubai Centre, which offers the Executive MBA programme, based at the Dubai International Financial Centre (DIFC), Gate Village 2.