The United Arab Emirates (UAE) has launched a National Investment Strategy aimed at attracting Dh128 billion ($34.9 billion) in foreign direct investment (FDI) over the next six years.

This initiative is expected to result in the creation of thousands of jobs across various sectors including manufacturing, technology, hospitality, retail, finance, healthcare, logistics, and renewable energy.

The UAE government projects that FDI inflows will increase from Dh112 billion in 2023 to Dh240 billion by 2031, more than doubling its annual foreign investment.

Analysts indicate that the demand for skilled professionals will surge, particularly in areas such as artificial intelligence (AI), cybersecurity, software development, and cloud computing, as well as in renewable energy sectors.

Roles pertaining to wealth management, credit risk analysis, skilled supply chain and warehousing management, and advanced manufacturing will see a significant rise due to the anticipated influx of FDI.

Hamza Dweik, head of trading and pricing for Mena at Saxo Bank, emphasized that this strategy would have a profound impact on the employment landscape, with new businesses entering the market and existing firms expanding.

Dweik noted a rising demand for skilled professionals in technology, finance, and logistics, alongside a broader job creation in sectors like retail and hospitality, as a result of increased business activity.

Hassan Fawaz, chairman and founder of GivTrade, remarked that the focus on diverse, emerging industries would not only create immediate job opportunities but also enhance long-term career prospects in the country, aligning with the UAE's objective of establishing a knowledge-based economy.

He elaborated that significant job creation is anticipated especially within the technology sector, which is expected to lead growth in digital transformation, software development, and financial technology roles.

Vijay Valecha, chief investment officer of Century Financial, detailed that the anticipated FDI projects would likely lead to the establishment of new enterprises, boosting both direct and indirect job opportunities.

He also mentioned the expected growth in sectors such as industry, transport, renewable energy, and telecommunications.

Additionally, the Cabinet has revised the National Digital Economy Strategy, launched to enhance the digital economy’s contribution to gross domestic product (GDP) from 9.7% to 19.4%.

Increased investments are expected to stimulate job creation significantly within this domain.

Besides creating new jobs, the strategy aims to diversify the UAE's economy away from oil dependency, as articulated by Dweik.

He suggested that the plan would encourage entrepreneurship and enhance existing business activities, contributing to reduced unemployment and attracting global talent.

As the UAE becomes a more resilient economic hub, experts stress that elevated FDI inflows will also facilitate knowledge transfer and improved business practices, thereby fostering sustainable long-term economic growth.

In related news, job seekers in the UAE are seeking salary increases of up to 30%, reflecting the rising cost of living.

A report indicated that while applicants demand higher wages, the expanding talent pool is tempering salary growth.

Despite this, sectors experiencing shortages, such as engineering and technology, are commanding exceptional skill-based premiums in salary negotiations.

With a substantial portion of hiring focused on mid-level professionals, the job market remains robust, particularly for those proficient in high-demand skills.

Recent data indicates that 85% of employers plan to hire in the coming months, while only 7% anticipate job cuts.