The UAE has come a long way in its 50 years history. Gone are sand-swept miles of empty desert, replaced almost entirely by modern buildings and a modern attitude. All of this was possible thanks to the future-focused mindset of the country’s founding fathers. On the 50th anniversary of this young and ambitious nation, we chose to briefly retrace some of its most significant moments.
In this deep dive dedicated to UAE’s Golden Jubilee, you won’t find a boring history on the country’s origins. Rather, we chose to focus on recent, and not so recent, events that changed the course of this nation into a more welcoming, prosperous, and inclusive society. In other words, we chose to focus on the reasons that make us so proud to call this country our home.
So, without further ado, let’s dive into the UAE’s Golden Jubilee deep dive. Oh, nearly forgot — Happy Birthday, Emirates!
The stock market and the booming economy
One of the reasons for the UAE’s success is its smart and well-planned diversification away from oil-dependency. The establishment of local stock markets was essential in attracting global investors for reasons that go beyond the liquid gold present underneath the country’s territory.
The UAE has two major financial markets and, funny enough, they were launched just a few months apart from each other. Would this make them Irish twins? Let us be more precise, we’re talking about the Dubai Financial Market (DFM) and the Abu Dhabi Stock Exchange (ADX). The first was founded in March of 2000, while the second one was in December of the same year.
The decision to launch not one but two financial markets in the same year followed several major trade reforms enacted by the Emirates in 1999. These reforms basically allowed foreign companies to enter the UAE’s market and become an integral part of the economy. Up to that point, the country was solely dependent on oil for any sort of business activity.
The international expansion of the economy became abundantly clear when Dubai chose to open up a third financial market in 2005 — Nasdaq Dubai. This third market is situated in DIFC and it comprises of no trading floor… it was launched with the sole purpose of trading international stocks and today represents Dubai’s primary gateway to global investors.
The three financial markets in the UAE are highly integrated with one another. Shocks to any one of the three indices automatically affect the other two, both in the short term and in the long run. There is an underlying equilibrium condition that governs and intertwines the three markets. Even more interestingly, the DFM and the ADX are extremely dependent on the performance of the Nasdaq, which is the primary indicator of UAE’s financial wellbeing. This is another detail that suggests just how much the UAE has become a global financial hub throughout the years.
It’s important to remember that the DFM and the ADX are still governed by the local Securities and Commodities Authority (SCA). This means that investors wishing to trade on these markets have to do so according to the parameters and regulations of the Islamic Shari’a law. The UAE’s desire to trade with the world does not mean that local customs and traditions be forgotten. This has been the vision guiding the country’s expansion since its founding and it will continue to be like that as the nation prepares to face future challenges and an evolving economic landscape.
A bastion for social inclusion
The UAE is passionately devoted to building a more equitable and just society for every person in every community, starting from its home soil. This includes the full and equal participation of women and minorities. The country is working devotedly to foster mutual respect locally and around the world. Today, the UAE’s shared mission for human progress is based on genuine gender equality.
The UAE is walking the talk. In 2015, the federal government included sex and gender in its anti-discrimination law. The law was further amended in 2019 and 2020 to comply with the United Nations’ Convention on the Elimination of All Forms of Discrimination Against Women (CEDAW). To make the country even more attractive to foreigners, the UAE has also amended its laws regulating personal status matters. Today, foreign couples residing in the UAE have the option to adhere to their own national law on personal issues.
On matters of equal rights in the workplace, the UAE has made significant progress in empowering women. Earlier this month, the government introduced a federal decree in its labor law that will include anti-harassment and bullying provisions. Not only that, the decree – which will be effective starting February of next year – will also enable extended maternity leaves for mothers with infirm babies or infants.
In terms of female representation in powerful positions, the UAE has introduced a requirement for all listed companies on local markets to have at least one female director on their boards. This new regulation was a by-product of UAE’s Gender Balance Council, which was established in 2015 to reduce the gender gap across all government sectors and achieve gender balance in decision-making positions.
Today, the UAE has the highest level of women participating in the workforce (close to 60%) in the entire MENA region. This result was largely obtained thanks to the introduction by the Chamber of Commerce of efficient and effective businesswomen councils. These councils support businesswomen and female entrepreneurs throughout the country, creating a welcoming and inclusive environment for all women residing in the UAE.
Attracting and retaining the best talent
The UAE understands that just as essential to the country’s future success is a commitment to future generations. As a matter of principle, the country wholeheartedly believes that every child deserves an equal opportunity to succeed. This is why the government has launched tailored initiatives and opportunities for students, regardless of their background or culture, that will inspire and motivate them to learn, unlocking their personalized pathways to a brighter future.
In 2016, the UAE launched its very own Federal Youth Authority (FYA). With 49% of the country’s population under 35, the UAE felt the need to implement a national youth strategy that would raise youngsters with a spirit of multiculturalism and mutual respect, based on the vision that education anywhere should prepare you for life everywhere. The FYA is headed by the youngest Minister in the world — Her Excellency Shamma bint Suhail bin Faris Al Mazrui. The UAE has once again led the world by example by demonstrating faith and trust in its youth, comprehending that a Ministry aimed at improving opportunities for young people cannot be guided by someone who is demographically out of touch with their needs.
Throughout the years, the UAE has also established some of the most reputable higher education institutions in the world. Abu Dhabi is home to both NYU and Sorbonne. Like the country that sponsors them, these universities are devoted to attracting the best young talent in the world to help them rethink and reimagine the future of humanity. UAE’s hope for the coming decades is that students graduating from these world-class institutions will choose to stay in the country to develop their skills and build life-long careers. It is for this very reason that the UAE has invested so much in providing opportunities for youth.
One of these opportunities is represented by the launch of several groundbreaking start-up incubators across the country. These incubators not only bring together young people to reimagine their future, but they also provide generous grants to transform innovative ideas into action. An example is Hub71 which was established in 2019 as an ecosystem for tech startups. Situated in Abu Dhabi’s technology park, Hub71 provides several accelerator programs with grants of up to Dh100,000. Students graduating in the UAE have all of the resources needed to jump-start their careers in the country.
The recent expansion of the Visa program has to be seen through this lens. The UAE has now made it possible to obtain a 10-year Golden Visa for students graduating in the top tier of their class. Not only that, but the students awarded with the Golden Visa will also be able to sponsor their own family to come and live here in the UAE with them. If this isn’t a smart move to avoid a brain drain, what is?
