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The optimism is rising across the board. The non-oil sector is seeing faster growth. There's a stronger inflow of new businesses and faster output growth. The number of bounced cheques, too, is falling, which points at a more productive work environment. The UAE is arguably a font of wealth and talent in the region.
As per the Boston Consulting Group, Dubai is the sixth best expat city in the world, and Abu Dhabi is the 14th best. These two cities are often cited as the only ones from the region among the top global cities in attracting talent and investment. So it is crucial that the UAE maintains its attractiveness, and private sector has a vital role to play in this.
Despite the surge in business activity and new work, employment remains anemic in the private sector. Businesses are getting new orders but the pace of work and delivery is suffering due to the lack of workforce.
Private businesses are still cautious about spending, and austerity measures continue to be in place. This is not sustainable in the long run. Increments should be doled out, and more people should be employed.
The government has done its bit, and now it is time for the private sector to open its purse strings and contribute to the overall growth.
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