DUBAI, United Arab Emirates (AP) — The United Arab Emirates announced on Sunday a major plan to stimulate its economy and liberalize stringent residency rules for expatriates, as the country seeks to overhaul its finances and attract foreign residents and capital.
The nation’s plan to lure foreign talent over the next decades reflects an emerging contrast with the other sheikhdoms of the Persian Gulf that are growing increasingly protectionist as they try to diversify their oil-bound economies. Now marking its 50th anniversary, the UAE is seeking to accelerate its economic and social reforms to rebrand for a post-pandemic future. Portraying the country as an open-minded, bustling trade and finance hub, the government promised to pour $13.6 billion into the economy in the next year and $150 billion by 2030.
“We are building the new 50 years’ economy,” Abdulla bin Touq, the economy minister, said in an interview. “Anyone who is trying to be more conservative and trying to close their markets, the value is going to be only in the short-term, but in the long-term, they’re harming their economies.”
Buried within the raft of flashy economic development initiatives on Sunday was a far more practical — and drastic — change to the country’s visa system that governs the legions of foreign workers from Africa, the Middle East and elsewhere who power the country’s economy.
Since the UAE’s independence, the state has tied employment to residency status, lending employers outsized power and forcing people to immediately leave the country once they lost their jobs.
“We want to rebuild the whole system … so that the residency system is attracting people and making sure they feel the UAE is home for them,” bin Touq said. “Openness is something which we’re proud of.”
The new plans give residents an additional three months to seek other jobs after being fired, allow parents to sponsor their children’s visas until the age of 25, and ease visa restrictions on freelancers, widows and divorced people, among other things. It’s a subtle shift from the Gulf Arab state’s traditional way of treating its vast foreign labor force as an expendable underclass.
Ministers also said they sought to double the UAE’s economy in the next decade through major trade agreements with countries including Israel, Turkey, United Kingdom and India.
Germany is the biggest economy in Europe. What if it shifts left? – CNN
London (CNN Business)Angela Merkel is about to bow out as chancellor of Germany after 16 years, marking the start of a new era for Europe’s largest economy.
Spend more, worry later?
Tackling the climate crisis
Province Invests in Wellington County Businesses to Boost Local Economy – Government of Ontario News
Powell meets a changed economy: Fewer workers, higher prices – 95.7 News
WASHINGTON (AP) — Restaurant and hotel owners struggling to fill jobs. Supply-chain delays forcing up prices for small businesses. Unemployed Americans unable to find work even with job openings at a record high.
Those and other disruptions to the U.S. economy — consequences of the viral pandemic that erupted 18 months ago — appear likely to endure, a group of business owners and nonprofit executives told Federal Reserve Chair Jerome Powell on Friday.
The business challenges, described during a “Fed Listens” virtual roundtable, underscore the ways that the COVID-19 outbreak and its delta variant are continuing to transform the U.S. economy. Some participants in the event said their business plans were still evolving. Others complained of sluggish sales and fluctuating fortunes after the pandemic eased this summer and then intensified in the past two months.
“We are really living in unique times,” Powell said at the end of the discussion. “I’ve never seen these kinds of supply-chain issues, never seen an economy that combines drastic labor shortages with lots of unemployed people. … So, it’s a very fast changing economy. It’s going to be quite different from the one (before).”
The Fed chair asked Cheetie Kumar, a restaurant owner in Raleigh, North Carolina, why she has had such trouble finding workers. Powell’s question goes to the heart of the Fed’s mandate of maximizing employment, because many people who were working before the pandemic lost jobs and are no longer looking for one. When — or whether — these people resume their job hunts will help determine when the Fed can conclude that the economy has achieved maximum employment.
Kumar told Powell that many of her former employees have decided to permanently leave the restaurant industry.
“I think a lot of people wanted to make life changes, and we lost a lot of people to different industries,” she said. “I think half of our folks decided to go back to school.”
Kumar said her restaurant now pays a minimum of $18 an hour, and she added that higher wages are likely a long-term change for the restaurant industry.
“We cannot get by and pay people $13 an hour and expect them to stay with us for years and years,” Kumar said. “It’s just not going to happen.”
Loren Nalewanski, a vice president at Marriott Select Brands, said his company is losing housekeepers to other jobs that have recently raised pay. Even the recent cutoff of a $300-a-week federal unemployment supplement, he said, hasn’t led to an increase in job applicants.
“People have left the industry and unfortunately they’re finding other things to do,” Nalewanski said. “Other industries that didn’t pay as much perhaps … are (now) paying a lot more.”
Christopher Rugaber, The Associated Press
Politics Briefing: Canadian officials decline comment on resolution of Meng case, impact on two Michaels – The Globe and Mail
Blue Jays' stadium capacity to rise to 30,000 as Ontario increases limits for sporting and event spaces – CBC.ca
EU demands that every smartphone, tablet be capable of being charged using a USB-C cable. – guru3d.com
Silver investment demand jumped 12% in 2019
Europe kicks off vaccination programs | All media content | DW | 27.12.2020 – Deutsche Welle
Iran anticipates renewed protests amid social media shutdown
Tech22 hours ago
Today’s Homes Need a Professional Electrician’s Touch
News7 hours ago
Michael Kovrig and Michael Spavor arrive in Canada after nearly 3-year detention in China – CBC.ca
Sports20 hours ago
2020 Ryder Cup pairings: U.S. runs it back, Rory McIlroy out for Saturday foursomes – Golf Channel
News18 hours ago
Canada COVID-19 booster update coming 'very shortly': Tam – National | Globalnews.ca – Global News
News19 hours ago
Coronavirus: What's happening in Canada and around the world on Friday – CBC.ca
Sports18 hours ago
COVID-19: Rogers Centre, Scotiabank Arena among Ontario facilities to see major capacity limit increase – Global News
Health22 hours ago
B.C. records seven COVID-related deaths, 80% of those eligible fully vaccinated – News 1130
Health21 hours ago
US President Joe Biden urges Covid-19 booster shots for those now eligible – Times of India