Uae globalization and national identity

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Uae globalization and national identity

Each of the seven states is ruled by an Emir. With Uae globalization and national identity second largest economy in the region, the United Arab Emirates struggles with its demographics. Native UAE citizens account for only ten percent of the population.

Foreign nationals make up the rest. Unemployment is a major problem because, since the formation of the country, UAE citizens were only one percent of the private sector workforce.

The UAE has certain fundamental strengths. While some say globalisation has made the world flat, geography still matters: Nationalization of the UAE society is a strategic pillar that enables citizens to harness the resources and fortunes of the country in their interest and the interest of all who contribute to the development of society.

The UAE society has always sought the good of humanity and not just its own interests. Since human resources are a major force behind development of a safe society, which has allowed the UAE to reach levels enjoyed by advanced countries in all aspects of life, whether in economic or social spheres, the time is now right for it to promote its national human resources.

There are also those who raise the issue of discrimination between citizens and expatriates in matters that affect state sovereignty with respect to the employment of its citizens.

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These detractors seem oblivious of the fact that this country has embraced around five million people and that this place has never shunned foreigners. The demographic composition of society is asymmetrical to the extent that situation cannot be tolerated any longer and has to be corrected in favor of citizens without removing the other side from the equation.

No society has faced a similar problem on this highly sensitive issue, i. To date, this crisis persists and has not been resolved in favor of citizens, despite decisions for nationalization of jobs in several sectors of the economy, as part of a gradual policy of nationalization.

This wise and moderate policy aims to ensure the safety of the entire development process… Despite the huge size of the UAE economy and despite it being one of the fastest growing economies in the region, which is capable of creating thousands of jobs annually in the private sector alone, it has not been able to find suitable employment for its citizens who want to work but cannot find jobs.

Uae globalization and national identity

The country has an honorable and bright political history of implementing policies for enabling citizens to get a suitable job in their homeland because it knows well that its citizens have never worked and will not work outside the country…In the past, officials responsible for nationalization and employment have said that jobs are available…However, this employment generation does not adequately benefit the national citizen whose proportion to the expatriate labor force is very less and the current flaw in the labor market is not better than the demographic anomalies in the UAE society.

The result is that the finding jobs for nationals—whose numbers have increased with expansion in education—is becoming increasingly difficult. Although there some citizens are part of this important sector, the aforementioned mandatory quota far nationalization has hardly been met.

This is confirmed by the fact that nine thousand citizens are leaving this sector, as they are finding better alternatives or are forced to leave due to poor working conditions or lack of incentives. This is happening at a time when our wise government is seeking to exert national energies towards advancement, progress and success.

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Many are pushing for a repeal of this law. The UAE has embarked on an ambitious and massive push for economic development. The effect of this large fiscal stimulus will be to continue propelling the UAE economy to even greater heights, stimulating the private sector and creating opportunities for investment, employment and wealth creation.

But an unavoidable facet of this growth will be the unprecedented demand for access to capital and funding, by both the public and private sectors.

This will put pressure on the local financial system as already over-extended local banks struggle to meet the funding requirements that will be needed to fuel the development projects and growth in the economy. During the boom years most, if not all, UAE banks were on steroids.

Common sins they committed in the chase for ever-higher margins and profitability included a short-sighted strategy of lending long and borrowing short, as well as overstretching their loan books.

Uae globalization and national identity

In many cases, advance- to-deposit ratios exceeded the Central Bank-mandated percent. In other words, to make more loans they had to scavenge even more competitively for deposits. A few years back the UAE banking system was flush with liquidity.

External funds looked to play a highly-anticipated revaluation of the UAE dirham and banks were flooded with inflows. However, once it become apparent the status quo on the exchange rate would remain for the time being, the money just as quickly flowed out, leaving hapless bankers with no option but to pay out higher interest rates to their customers.

This has led to the decoupling of local rates from US rates — despite the currency peg — and a resulting higher cost of capital in the country due to the higher interbank rates.ADIB is a leading bank in the UAE with more than AED billion in assets.

Its , customers benefit from the third largest distribution network in the UAE with more than 80 branches and more than ATMs. Get the latest international news and world events from Asia, Europe, the Middle East, and more.

See world news photos and videos at ashio-midori.com The UAE is a model for other nations in the region, whether in terms of social tolerance, economic development or political stability.

But it has also gone through experiences that are lessons for. Mr. Jared Elkins, (Moderator), President & CEO, Alitheia Holdings, USA. From Hedge Funds to Private Equity, ETFs to Commodities, and Options to Futures, the securities world shift from IPOs to ICOs, to accounting, reporting, and compliance solutions via the Blockchain are popping up everyday, all over the world.

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It is authentic that globalization can annihilate many traditional cultures and unfortunately, the Emirati identity is one of those victims. We will write a custom essay sample on Uae: Globalization and National Identity specifically for you.

The effect of globalization on national identity in the G.C.C.