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Monday, 26 September 2016

Dubai could create its own demographic dividend

Dubai could create its own demographic dividend:

"The solution to Dubai’s economic challenges might be right under its nose. The tiny emirate, the most diversified sheikhdom in the Gulf, has been affected like most of the region by low prices for the oil exported mainly by its neighbours. One way to offset that impact might be to address an imbalanced workforce that is too reliant on expatriates. They make up 22 out of every 23 active workers, according to calculations based on official data. Dubai could even do worse than turn some of its skilled foreign workers into actual citizens.

About half of Dubai’s $143 billion pile of debt has to be repaid by the end of the decade, according to the International Monetary Fund. That is almost double the United Arab Emirates’ forecast revenue from exporting oil this year. One of seven semi-autonomous sheikhdoms in the U.A.E., Dubai has endured the 53 percent fall in oil prices over the past two years relatively unscathed, but some belt tightening is inevitable. The Financial Times reported on Sept. 12 that Istithmar World – a government investment company – has made most of its staff redundant to save money."

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