Dubai Cares, part of Mohammed bin Rashid Al Maktoum Global Initiatives, has announced a new strategic partnership with the World Economic Forum (WEF).
The deal aims to support the reskilling revolution with a push to provide skills to 15 million people by 2021.
Dubai Cares has allocated funding of more than AED5.5 million ($1.5 million) to two critical 3-year programs managed by WEF’s Centre for the New Economy and Society (CNES).
The CNES vision is to build dynamic and inclusive economies and societies that provide a future of opportunities for all.
One of the programs focuses on identifying future skills and preparing the education and training systems accordingly, while the other focuses on codifying these future skills in order to transition from the current degree-based into a skill-based labour market.
The first program aims to build a network of public-private partnerships in 10 countries initially, to be upscaled to a total of 15 national economies by 2020, over half of which will be developing countries.
The second program aims to address the growing mismatch between the supply and demand of future skills in the labour market.
Tariq Al Gurg, CEO at Dubai Cares, said: “We are very excited about our partnership with the World Economic Forum. This is particularly important when we think of the 850 million youth who will enter the workforce by 2050 without being equipped with the necessary skills.
"The speed of digital technological progress is resulting in substantial changes in global workforce requirements and priority skills needed, and it is our duty to prepare the current and future generations to adapt to this new reality in a manner that is relevant and contextual.
"By supporting these two key programs, Dubai Cares is boosting the reskilling revolution and placing skills learning at the center of the future.”
According to an International Labour Organization’s (ILO) report, young people under the age of 25 are less likely to find work than adults. The global youth unemployment rate stands at 13 percent, which is three times higher than the figure for adults, which is 4.3 percent.
This lack of job opportunities is one of the issues of greatest concern. The problem is particularly acute in North Africa, which has the highest rate of young job-seekers.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.