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UAE eager to increase new job growth through SMEs

Start-ups and other young companies can provide around 50 percent of all new job prospects in the market at the seed stage and those operating for two and a half years hiring an average of 12 workers.

Several reports reveal that start-ups generate significant employment opportunities globally, helping drive immense economic growth prospects.

The role of start-ups as the main engine for job creation will be further discussed at the upcoming AIM Startup, an initiative of the UAE Ministry of Economy, in Dubai happening from 8th to 10th April, 2019. The AIM Startup will take place in conjunction with the Annual Investment Meeting, AIM, under the theme “Harnessing Global Digitization to Empower Startups and SMEs”.

Dawood Al Shezawi, Chairman of the Organising Committee of AIM Startup, said, “More jobs are being created as millions of start-ups are being established worldwide, producing opportunities that will lead to enhanced quality of life and improved standard of living across countries. This specific role of start-ups is highly critical to global efforts concerning unemployment rate.”

“Each year, we see new professionals joining the labour market. In the MENA region, an industry expert estimated that almost six million additional individuals will join the workforce annually between 2018 and 2035, and we need the means to absorb them and keep up with the growth. Participants at the AIM Start-up will take a closer look at opportunities and challenges in relation to this issue as we strive to also make sure that start-ups offer quality jobs, especially for the poor,” Al Shezawi added.

Research conducted by HR consultants also showed that a vast majority of up to 80 per cent job aspirants prefer jobs in start-ups, as compared to already established companies.

“We also have to examine our efforts in terms of equipping our new workers with the right competencies so that they come on par with the needs of the market. At AIM Startup, participants will tackle this issue and other pressing concerns facing the segment. Additionally, the event will provide promising start-ups with an opportunity to meet with global investors and prospective business partners. It will be an ideal platform for start-up companies looking to raise capital, expand into new markets, and forge meaningful business relationships with major investors, business leaders, representatives of international institutions, and government entities,” Al Shezawi said.

Source: WAM

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