Sunday, 22 September 2024

The #UAE’s growth plan to boost ranks of Emiratis

The UAE’s growth plan to boost ranks of Emiratis


Emirati student Shaima lives in Abu Dhabi with her four siblings and parents. But she says her seven-person household is small — her father grew up alongside 11 brothers and sisters in the days when the region’s families were legendarily large. 

The generational downsizing in the 21-year-old’s family reflects a dramatic social shift across the United Arab Emirates: Emirati women bear about half the number of children their grandmothers did in 1970, with the fertility rate down from 6.7 per woman in 1970 to 3.7 by 2017, according to official data. 

In a country that lures millions of migrant workers to power an economy that has grown at breakneck speed since the 1960s, the trend has prompted many Emiratis to worry that they belong to a dwindling minority in their own country — and spurred authorities to offer more support designed to encourage large families. 

“Us Emiratis are a minority in our own country,” said Shaima, who called the trend “upsetting”. Expatriates form 93.5 per cent of the UAE population of about 9.5mn, according to the UN. 

“Why is demographics a sensitive issue?” said William GuĂ©raiche, associate professor at the University of Wollongong in Dubai. “Because this imbalance will grow between the Emiratis and foreigners, and Emiratis feel more and more under siege, rightly or not. But this is the general perception, and the authorities have to deal with that.” 

The Emirati fertility rate, which government figures put at 3.2 in 2021, has halved in the past two decades, according to Luca Maria Pesando, associate professor of social research and public policy at NYU Abu Dhabi. He described the drop as “very fast for a demographic transition”.

European, Middle Eastern & African Stocks - Bloomberg Close #Kuwait #Israel #SaudiArabia #Qatar

European, Middle Eastern & African Stocks - Bloomberg






MGM Resorts chief confirms applying for a gaming license in #AbuDhabi #UAE

MGM Resorts chief confirms applying for a gaming license in Abu Dhabi

MGM Resorts chief Bill Hornbuckle has confirmed the casino operator has applied for a gaming license in the UAE, while speaking at the Skift Global Forum 2024 on Thursday.

“Yes, we have [applied]. We’ve done it in Abu Dhabi,” Hornbuckle said, according to Skift. “The way it will work is the federal government in Abu Dhabi will approve it, we’ve applied for it and hopefully we’ll win the license there.”

Hornbuckle added: “I hope and believe this year we’ll understand more about Abu Dhabi and the federal mandate and go from there.”

The most recent comments made by the MGM President and CEO follow on from his statement in February on the FY 2023 earnings call, where he stressed Abu Dhabi was their top choice for a potential gaming license.

#Oman's OQEP to offer 25% stake in IPO, state news agency reports | Reuters

Oman's OQEP to offer 25% stake in IPO, state news agency reports | Reuters

Oman's OQEP exploration and production will offer 25% of its total issued share capital on Sept. 30, in what would be the Gulf region's biggest initial public offering (IPO) so far this year, a statement by OQEP said.

The IPO plans are part of a privatisation programme by the state-owned energy group OQ which is helping Oman to diversify its economy and cut its debt.

Valued at up to 3.120 billion rial ($8.13 billion), OQEP's offering is expected to raise up to $2.03 billion at the top of the price range, the company said.

The offering, which comprises a total of 2 billion shares, will be priced between 370 baisas (Bzs) and 390 Bzs per share, with the final price set through a bookbuilding exercise.

OQEP shares are expected to commence trading on Muscat Stock Exchange on or around Oct. 28, the company said.

Oman, a small non-OPEC oil producer, is following neighbouring Saudi Arabia and the United Arab Emirates (UAE) in pushing state-led listing programmes, including energy assets.