UAE multinational workforce reaches 3.2m

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The latest of these so-called solutions has been an appeal for varied multi-national economic forces, instead of a single one. However, experts agree that the difference in countries’ economic size is what enables them to form their own strategies in order to avoid similar crisis scenarios in future.

Commenting on the UAE’s ability to overcome the current crisis, Al Hanoo Holding’s Chairman, Sheikh Abdullah bin Fahid Al Shakrah, said: “The UAE has proven, through past experiences, its ability to overcome even more ferocious crises than what is currently being experienced. The UAE has worked tirelessly over time to restore balance to the Unified Government Account after periods of feebleness and structural deficiencies resulting from petrol prices, now at $ 40.

“Today, the UAE has attained a surplus of AED5.72 billion, while the gross domestic product (GDP) has risen to AED729.7 billion. According to statistics released by the Ministry of Economy, non-petroleum sectors have had returns of AED467.9 billion, with AED94.5 billion for the industrial sector alone, which relates to 22 percent of the GDP. These returns were made possible by diversifying our income resources.”

Al Shakrah, whose company is currently developing two projects in the emirate of Sharjah, Al Nujoom Islands and Emirates Industrial City, added: “With a total workforce of 3.2 million multinational workers, 260,000 firms, and a total investment value of AED68.6 billion made two years ago, the UAE’s position as a safe haven for rich investments is well deserved.”

Recent statistics by the Ministry of Labor show that the foreign workforce in the UAE currently tallies about 3.2 million workers, while the number of active companies in the UAE amount to 260,000, with more than 50 companies in the construction sector alone. Of these, 22 firms in Dubai have investments of more than $ 630 billion, 12 companies in Abu Dhabi with investments of $ 250 billion, and a further 4 firms across the UAE with $ 20 billion investments.

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