The world is witnessing an accelerated technology boom. Gartner forecasts global IT spending will amount to $4.6 trillion this year, with all regions seeing positive growth.
With the arrival of the fourth industrial revolution, the surge in cloud-based and Web3 technologies, and the profound transformation in the way we work, companies and countries around the world face an increasingly acute challenge in sourcing the right talent.
According to Korn Ferry research, the global tech talent shortage worldwide will exceed 85 million workers by 2030. Software developers, data engineers and scientists are in short supply, while demand continues to soar for programmers proficient in JavaScript, Java, and SQL, with Python increasingly in demand due to its use in emerging AI models.
Inaction will see innovative companies begin to lose their competitive edge as they struggle to meet customer demand for advanced capabilities, while the race to hire talent in a tight labour market will impact the bottom-line. Despite a short-term easing of the tech talent crunch, the demand for tech talent will continue to outstrip supply in the long run, and companies need to lay the foundation now or risk being left behind.
The magnitude of the situation requires strategic planning and investment in the development and acquisition of skilled tech workers. Companies can begin to address this by making significant investments to upskill existing employees or rely on third party consultants, but with such a huge gap to bridge, and demand for tech expertise ever-growing, other solutions are also needed.
Abu Dhabi believes it can make a significant contribution to the solution. The UAE capital’s tech ecosystem is home to an exceptional array of innovative companies, offering the infrastructure, networks and market access needed for success.
Crucially, Abu Dhabi has an established high-skill workforce, with the educational institutions to develop it further, and is a magnet for top global tech talent. The region’s highest ranked city in INSEAD’s Global Talent Competitiveness Index 2022, and the only one present in the top quartile, Abu Dhabi is perfectly positioned to attract skilled workers.
In 2021, the UAE set out a plan to offer 100,000 golden visas to the world’s best tech talent, expanding an already sizeable pool, while the Abu Dhabi Residents Office (ADRO) has a dedicated visa programme for recent science, technology, engineering, mathematics and entrepreneurship graduates from the world’s top 100 universities.
The opportunity to utilise Abu Dhabi’s status as a tech hub to help bridge the global talent is apparent. That’s why ADIO and G42 recently collaborated with Israel’s Viola to create Global Valley. Operating from the capital, the talent-as-a-service platform is dedicated to meeting the ongoing worldwide demand for top tech talent.
Addressing all resourcing requirements, the newly formed entity will cater to standard technology roles as well as more niche requirements such as artificial intelligence and machine learning experts. It will offer tech capabilities across industries, skills and roles, meeting the demand in areas like game development, FinTech and cybersecurity, and evolving to continually meet the needs of the market.
Global Valley will be one of the biggest employers of high-skilled tech talent in the region, complementing Abu Dhabi’s existing talent pool and capabilities while also developing the local tech sector. It will support the growth of start-ups emerging from the capital’s vibrant tech ecosystem and initiatives like Hub71 through to the increasing number of global tech giants with an Abu Dhabi base.
Bringing together world-class tech talent in key locations across Abu Dhabi, such as Yas Creative Hub, will support career growth, encourage collaboration and enable focus. The local team will host global technology talent and Emirati professionals, which will not only serve as a natural extension of their clients’ core teams, but also as a true reflection of the diversity and dynamism of Abu Dhabi.
As the pace of technological change accelerates, we need to develop new models to maximise the potential of our human capital.
Creating a solution at scale to the global tech talent shortage is an enormous opportunity to catalyse growth and innovation. Enhancing access to tech talent will push the boundaries of what is possible, fuelling innovation, creating competitive advantages, and powering economic progress.
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