The Arab world needs to create 60 to 80 million jobs by 2020 to stave off a possible unemployment problem, said the head of the Arab Strategy Forum in Dubai yesterday.
Speaking at a Dubai Watch Forum, Dr Sulaiman Al Hattam, CEO of the Arab Strategy Forum, said the majority of the population in the Arab world is under 16 years of age and if ample jobs are not created, unemployment may balloon to 30 per cent in the region in 2020.
Citing a recent World Bank report, he said despite the economic boom experienced in recent years, the Arab region remains unprepared to meet this looming socio-economic problem and provide adequate employment opportunities in the future for its youth.
Dr Ghaith Fariz, Arab Knowledge Report Director, said: "I'm afraid we don't have plans in the Arab world to deal with the challenge of creating jobs for the Arab people."
According to the Arab Human Capital Challenge, the Gulf suffers from insufficient skilled labour and, therefore, has the highest reliance on expats at 91 per cent. Unemployment in the region is 15 per cent.
The report by the Mohammed bin Rashid Al Maktoum Foundation and PricewaterhouseCooper said the quality and productivity of expats are far superior to nationals at all management levels.
Keep up with the latest business news from the region with the daily Emirates Business 24|7 newsletter. To subscribe to the newsletter, please click here