INNOVATING THE FUTURE

His Excellency Essa Kazim, Governor of DIFC, said:

Dubai and DIFC are global ambassadors for AI. Financial Services companies in DIFC and a broad spectrum of other industries across the emirate are setting the standard which is also contributing to the UAE’s ambitious goal to have an internationally competitive, knowledge-based economy. DIFC is proud to be collaborating with the UAE AI Office, confirming our commitment to the country’s Artificial Intelligence Strategy 2031 and leveraging the potential of AI to drive the future of finance.

With a 17-year track record of facilitating trade and investment flows across the MEASA region, the Centre connects these fast-growing markets with the economies of Asia, Europe and the Americas through Dubai. DIFC is home to an internationally recognised, independent regulator and a proven judicial system with an English common law framework, as well as the region’s largest financial ecosystem of almost 28,000 professionals working across over 3,200 active registered companies – making up the largest and most diverse pool of industry talent in the region.

Companies holding the license will be able to work within a stimulating environment at the DIFC Innovation Hub, which is the largest cluster of FinTech and innovation companies in the region. The Hub hosts more than 500 firms, ranging from start-ups to global unicorns, representing over 60 per cent of all GCC FinTechs. In addition, the license provides an opportunity to obtain UAE Golden Visas for employees working in those companies.

The Centre’s vision is to drive the future of finance through cutting edge technology, innovation, and partnerships. Today, it is the global future of finance and innovation hub offering one of the region’s most comprehensive FinTech and venture capital environments, including cost-effective licensing solutions, fit-for-purpose regulation, innovative accelerator programmes, and funding for growth-stage startups. Comprising a variety of world-renowned retail and dining venues, a dynamic art and culture scene, residential apartments, hotels and public spaces, DIFC continues to be one of Dubai’s most sought-after business and lifestyle destinations.

Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications commented:

Such initiatives reflect positively on the country’s readiness to become a global destination for pioneering the industries of the future by adopting advanced technology and stimulating innovation in various fields. The DIFC has opened new horizons for leading global companies that aspire to enhance their efforts in the field of AI and expand their businesses further.

UAE engineering firms must work closer with educators to inspire the next generation of innovators.

The Institution of Engineering and Technology (IET), a 151-year-old global organisation with more than 155,000 members in 148 countries, has released findings from its UAE Skills Survey report that lays bare the skills gap currently facing the Emirates’ engineering industry, as well as the skills prospects for the next decade. The IET, which has been running skills surveys for the past 17 years, joined forces with market researchers YouGov, and interviewed engineers and senior decision-makers in UAE companies that employ engineers. The findings cast a positive light on the expansion of the industry over the past year, with almost half (48%) of engineering and technology firms seeing a growth in their business and one in five reporting a large increase in staff numbers. However, during 2021 the majority struggled to fill vacancies with more than nine in ten (93%) UAE engineering employers finding it difficult to recruit new staff. The report also highlights the quality of new recruits who joined the sector challenged many businesses with 58% of large companies (those with over 500 employees) saying they are struggling to find applicants with the right technical skills. Engineering employers also say there are simply not enough applicants for the jobs on offer, with a quarter saying there are not enough people interested in new positions.

Other challenges facing engineering employers include pressure on wages (34%), increased remote working (23%) and staff retention and turnover (23%).

Over the next decade the UAE’s industrial strategy, Operation 300bn, aims to develop the industrial sector and enhance its role in stimulating the national economy. The companies which took part in the IET survey said that upskilling their staff in problem solving and leadership were amongst their most pressing training needs to meet their priorities.

Most employers are confident they can address the skills gap as their businesses diversify into new ones. Almost 90% of engineering employers are confident they will be able to access the training needed to meet their goals in the next five years, with two thirds (66%) looking to implement training to address their skills gap by turning to professional training bodies, such as the IET, to meet their needs.

The IET’s President, Sir Julian Young, said: “Engineering employers can gain value by encouraging the achievement of professional standards within their workforce. There are globally recognised frameworks that exist to assess the professionalism of engineers and technicians. The attainment of such standards boosts the level of knowledge, skills, and competence, and supports a workforce’s good ethical behaviour.”

For the UAE to continue to build home-grown engineering talent to meet its future requirements, industry and the Government will need to work with schools to ensure children from a young age experience hands-on practical learning of STEM (Science, Technology, Engineering, and Maths) subjects to encourage creativity, imagination and problem-solving.

David Lakin, Head of Education at the IET, said: “We need to open young people’s eyes and minds to the world of engineering at a much younger age. Not only do we need them to understand what engineering is, we want them to see that if they practically apply the STEM skills they learn in the classroom, they can improve the world for everyone.” Unlike many other countries, the view of STEM graduates is a positive one across the UAE, with over half (54%) of those who employ entry-level employees considering university education to be very effective in preparing them for the workplace. As the UAE engineering sector diversifies in the coming years, it will be critical for employers and educators to work together to shape the skills pipeline for their industry.

Sir Julian added: “Employers should look at hosting work experience opportunities and mentor schemes, as well as encouraging the engineers and technicians they employ to act as STEM Ambassadors, so the next generation is inspired and prepared for the skills they need.”

Few who took part in the survey identified diversity as a current issue - with only 17% saying they currently see a lack of gender diversity among the workforce and 13% recognising a lack of ethnicity in their workplace. The UAE has a truly diverse population, and it is essential for the engineering sector to continue to embrace diversity, which is critical in helping to increase creativity, productivity, and profitability.

Past President of the IET, Professor Danielle George, said: “The UAE is ahead of many countries when it comes to recruiting female engineers. This is due to the efforts that have been made in the past decade to attract female graduates into the sector. We hope this trend will continue in the next ten years and would urge the UAE government to share its learning across the world.”

In the workplace

1. Gaining the right skills

Investing in employees will increase profitability. Employers should make sure their engineers and technicians develop a broad mix of skills that includes technical and life skills.

They should look at creating a framework that supports continuing professional development (CPD) – because employees should never stop learning. Apprenticeships can provide a structured and highly effective way to improve the skills and experience of the workforce.

2. Encouraging diversity in the workplace

The UAE has a truly diverse population. Harnessing this diversity can provide a long-term solution to skills shortages while also supporting productivity and profitability. It’s great to see the crucial role that female Emiratis are playing within the engineering sector.

Engineering employers should continue to champion multiple areas of diversity in their workforce because this provides a variety of perspectives and skill sets.

3. Professional standards

Employers should encourage the continual achievement of professional standards within their workforce.

They should use globally recognised frameworks to assess the professionalism of their engineers and technicians. This can help increase skills and competence levels while also reinforcing the importance of ethical behaviour.

Education system

4. Supporting employable graduates

Industry requirements can change rapidly, so involving industry in shaping higher education can be very beneficial. We recommend aligning courses to future industry needs and running research projects in collaboration with industry, to give students valuable real-world exposure. Employers should engage with educators to help shape the skills pipeline for their industry. Encouraging employees to act as mentors and STEM ambassadors can be a great way to inspire the next generation.

5. Quality assessment

Benchmarking the quality of a higher education programme can be a useful way to assess its worth. An internationally recognised quality assessment can help a programme stay at the forefront of international educational developments; improve the student learning experience; and enhance graduate attributes to better meet the needs of the industry. Higher education institutions should consider attaining global quality benchmarks.

6. Experiential learning

Early years education is an important building block for a future workforce. Hands-on, experiential learning is essential when teaching science, technology, engineering, and mathematics (STEM). It encourages creativity, imagination, and problemsolving skills, all of which help young people apply knowledge to the world around them. Although much has already been achieved in this area, the UAE education system should continue to evolve experiential learning of STEM subjects. This will ensure these subjects remain relevant to the ever-changing engineering landscape.