UAE Business: Mena must create 300m jobs to reach growth goals: WB Prez – Gulf Digital News

UAE Business: Mena must create 300m jobs to reach growth goals: WB Prez – Gulf Digital News

Mena countries will have to create 300 million jobs to avoid serious implications for livelihoods and social stability and reach their development goals, said David Malpass, President of the World Bank Group.

Speaking at the World Government Summit (WGS) 2022, he stressed the importance of diversification.

He told the audience that the Mena region’s interaction with climate change was “complex”, and that countries that were importers of energy and food were “vulnerable” to supply- and demand-side shocks.

Malpass noted that GCC countries were concerned about the global community’s desire to shift away from oil, but they needed to focus on sustainable performance and service delivery, adding that private capital could be mobilized to support state-owned balance sheets. Looking ahead to a future based on renewables, he suggested the GCC enthusiasm to invest in hydrogen was a promising direction.

“Renewables can replace fossil fuels for industrial and residential electricity generation,” he said, adding that there were key areas the Middle East could tackle that would have a major impact on emissions and electricity demand. He added that regional cooperation on energy can bring GCC financing and expertise to the rest of the Mena region and accelerate progress towards development goals.

He said the four key areas