Start-ups to provide 50 per cent of all new jobs: AIM
By: Gulf Today
Start-ups and other young companies can provide around 50 per cent 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 Annual Investment Meeting is the World’s Leading Platform for Foreign Direct Investment (FDI). It is an initiative of the UAE Ministry of Economy, held under the patronage of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai.
AIM is the largest global investment gathering of corporate leaders, policy makers, businessmen, regional and international investors, entrepreneurs, leading academics and experts showcasing up-to-date information, strategies and knowledge on attracting FDI. It aims to connect businesses and countries willing to engage in sustainable partnerships with investors.
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.
The UAE Government’s new foreign direct investment, FDI, law passed in 2018 could accelerate FDI flows by up to 20 per cent this year, from the eight per cent average growth rate, as per the recent estimates of the Ministry of Economy.
The landmark law is predicted to further strengthen the already business-friendly climate in the country. The law is going to take a prominent spot in the upcoming global FDI discussions at the Annual Investment Meeting 2019 in Dubai happening from 8th to 10th April, 2019. High-level representatives from the country are expected to present the key provisions of the law before a global audience alongside other factors that make the Emirate a preferred FDI destination in the Arab region.
“Attracting international investments is critical to the sustainable development of any country, and in the case of the UAE, to its economic diversification strategy. Higher FDI results in more job opportunities and stronger international ties and can lead to the faster realisation of the objectives of both UAE Vision 2021 and UN Sustainable Development Goals 2030,” Dawood Al Shezawi, CEO of Annual Investment Organising Committee, said.