‘Projects of 50’: UAE to invest $6.5 billion in private sector to create 75,000 jobs

As part of its “Projects of the 50” initiative, the United Arab Emirates will allocate $6.5 billion (24 billion AED) to create 75,000 jobs for citizens in the private sector over the next five years, the government announced on Twitter on Sunday.

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The government also said that it will “bear the bulk of the employer’s contributions to the retirement fund for citizen employees in the private sector” during the time-period.

The UAE also plans to allocate a program to support citizens that work in distinguished specializations within the private sector. This includes programmers, nurses and accountants, among others.

Each will be allocated a fixed bonus of around $1,361 (5,000 AED) per month on top of their regular salaries over the next five years.

The government also announced that it will bear the cost of training its citizens working in the private sector for up to a full year during the training period.

Emirati university students will be provided with a monthly salary of around $2,178 (8,000 AED).

The government plans to allocate around $272.26 million (1 billion AED) and almost $68.1 million (250 million AED) for specialized training programs for UAE nationals in a variety of different sectors.

In addition, UAE nationals working in the private sector will be given an allowance of about $217 (800 AED) per child, with a maximum of $980 (3,600 AED) total.

The “Projects of the 50” is a series of developmental and economic projects marking the UAE’s jubilee since its founding in 1971 and its vision for the next 50 years is to “make the UAE the global capital of investment and economic creativity, an integrated incubator for entrepreneurship and emerging projects, and an advanced laboratory for new economic opportunities.”

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