ABU DHABI, 17th October, 2023 (WAM) – In its fifth meeting, the Talent Attraction and Retention Committee, chaired by Dr. Thani bin Ahmed Al Zayoudi, Minister of State for Foreign Trade and the Minister in charge of the Talent Attraction and Retention file, reviewed the most prominent initiatives and projects launched and implemented since the beginning of 2023. These initiatives aim to enhance the UAE’s talent ecosystem, support its competitiveness, and consolidate its position as a preferred destination for talents at the regional and global levels.
Al Zeyoudi confirmed that the UAE, thanks to its wise leadership’s directives, has adopted an ambitious vision to attract talent, innovators, and bright minds from all around the world to various scientific, literary and humanitarian fields. Since talent is a key pillar of the new economy based on innovation and creativity, building a leading and integrated system for talent attraction based on global best practices is among top priorities for the UAE.
He said: “The Committee continues its work to support the UAE’s efforts to establish an enabling environment for talent and skilled individuals, and create more opportunities to help them champion innovation and creativity. This is in line with the goals set by the national strategy to attract and retain global talent, and to enhance the UAE’s position in global competitiveness indicators.”
The meeting discussed the main aspects of the new alternative to the End of Service Gratuity Scheme issued by the Ministry of Human Resources and Emiratization recently. The new scheme establishes private sector savings and investment funds overseen by the Securities and Commodities Authority in coordination with the Ministry. Through these funds, the end of service gratuity of employees can be saved and invested in various investment options.
During the meeting, the Committee reviewed the results of several specialized reports that are part of the “Expansion of Cooperation with Specialized Companies to Serve the National Strategy to Attract and Retain Global Talent” initiative. This is key to aligning the outputs of these reports with the vision of the UAE government and its strategies, and to explore the possibility of employing them in shaping the future of the national economy.
Moreover, the Committee followed up on the implementation of its recommendations from the fourth meeting regarding the latest developments on the Golden Residency System issued under the Executive Regulation of Federal Decree Law No. 29 of 2021 concerning the entry and residency of foreigners. It also reviewed the results of the survey conducted among the executive directors in the UAE on the availability of talent in the country. Additionally, the Committee took note of all the proposed stages of the implementation plan for the Future Jobs Index initiative. It includes the recommendation to launch this index in six sectors in phase I: ICT, advanced technology and space; energy; financial services; food and water security; traditional and advanced industries; and cultural and creative industries.
The Talent Attraction and Retention Committee strives to achieve its goals through four main axes, which are: the implementation of the national strategy to attract and retain talent in the UAE; ensuring the attraction of strategic talent to empower the knowledge economy; solidifying the UAE’s position as a preferred destination for global talent and to become one of the leading countries in talent competitiveness; and finally, increasing the UAE’s competitiveness in talent attraction and retention and raising its ranking in the Global Competitiveness Report issued by the World Economic Forum.
The Committee includes representatives from the Ministry of Economy, the Ministry of Human Resources and Emiratization, the Ministry of Education, the Ministry of Community Development, the Ministry of Culture and Youth, the Ministry of Industry and Advanced Technology, the Federal Authority for Identity and Citizenship, the Federal Competitiveness and Statistics Center, the Department of Economic Development – Abu Dhabi, the Department of Economy and Tourism – Dubai, the UAE Scholars Council, and the UAE Council for Artificial Intelligence.