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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.
With the second largest economy in the region, the United Arab Emirates struggles with its demographics.
…Politically, nationalization of jobs has not been successful though the government has made it mandatory for some sectors to reserve a specific percentage of jobs to nationals…
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.
These detractors seem oblivious of the fact that this country has embraced around five million people and that this place has never shunned foreigners.
In early 1970s, the percentage of nationals in the total population stood at 68%, while today it is not in excess of 10%.
While some say globalisation has made the world flat, geography still matters: the UAE’s location between major markets in Europe and Asia will serve it well if it continues to build the infrastructure that allows it to serve as a link between them.