Prominent businessmen and bankers from all over the country taking part in a Ramadan Majlis urged the government to have unified economic laws and policies and provide training to youths to help them contribute more to the development of the economy.
The session was hosted by Sheikh Faisal bin Khalid Al Qasimi, former Minister of Sports and Youth, who is now a prominent businessman, at his residence in Sharjah on Sunday. Directors of banks, businessmen, social figures and journalists took part.
"We should have unified business laws and policies. It is strange that we still depend on the laws imported from some Arab countries despite the fact that these laws have been abandoned by the same countries that exported them to us," said Sheikh Faisal.
He stressed the importance of reviewing educational policies in the country and giving more focus to vocational training in a bid to enable UAE national youths to become successful businessmen/women and contribute to the development of the national economy.
"Our greatest assets are our youths who will be responsible for developing our national economy and the country. Hence, one feels sad to see that more than 99% of UAE youths are opting for employment at public and private establishments. We should educate them and provide them with training on how to become successful businessmen/women," said Sheikh Faisal.
He urged the government to provide support to national youths who are ready to start small businesses. "Unfortunately, around 70% of UAE youths take bank loans that are mostly spent on buying new cars and luxury products," said Sheikh Faisal. He added that loans taken by youths from local banks now total Dh30 billion.
According to Sheikh Faisal, the only solution would be imposing compulsory education for UAE nationals. They must complete their two-year study after their General Secondary School Certificate.
"We should also make it compulsory for national youths to get training after they finish their studies. We should give them the tools that will enable them to be effective contributors in economic development. National youths should be educated and trained on how to shoulder business instead of leading the easy life by taking bank loans that often lead them to serious difficulties," said Sheikh Faisal.
Economic development in the country should be everybody's responsibility. Oil resources should be properly utilized to set up advanced industries and businesses that will be the backbone once the oil is gone.
"It is the responsibility of the government to provide support to local industry," said Sheikh Faisal, urging the federal government to have an advanced economic system that should govern economic development.
Ahmed Sultan Al Jaber, a prominent businessman and former member of the Federal National Council (FNC), said that the UAE has achieved tremendous success in all fields, particularly the economic sphere, during the past 30 years.
"However, the gaps in our economic laws are behind the economic problems we are facing at the moment," he stressed.
"All seven Emirates should work jointly to get their laws unified and implemented all over the country. All Emirates should also contribute to the Federal Budget as it is unfair that Abu Dhabi alone spends on development projects nationwide," he said.
Nashat Al Jayyosi, General Manager of the Commercial Bank International Plc, said that the local banks are governed by laws and restrictions imposed by the authorities. Hence, the development of laws and amended restrictions will enable banks to play a greater role in economic development.
Mohammed Al Mulla, Director of HSBC, Sharjah Branch, stressed the importance of providing financial and moral support to national youths who want to start a business.
"UAE youths need protection and support. However, the authorities should allow only well-established nationals to sponsor big investment projects and businesses in the country so that they do not run into trouble if the ventures collapse," said Al Mulla.
Ali. H. Shalabi, Executive Director of Talal Abu-Ghazaleh & Co. (TAGCO), said that laws should be developed and modified to meet the needs of economic development. "We should study problems from the beginning before they grow big. We should be prepared to face the challenges of globalization," said Shalabi.
Abdullah Juma Mohammed Buharoun, a prominent farmer and former member of the FNC, stressed the importance of encouraging UAE youths to invest in agriculture and farming.