* Alroeya indicated on September 20 that the Youth Capacity Building and Knowledge Economy Summit kicked off in Abu Dhabi, attended by entrepreneurs, academics, and decision makers. The attendees discussed enhancing the role of youth in the future of the job market. The summit was also attended by representatives from the government and private sectors, including the Department of Health - Abu Dhabi, Etihad Aviation Group, Etisalat, du, Tanfeedh, Schneider Electric and Jacobs. The speakers' participation was divided into more than 19 key sessions to chart future prospects for cooperation between business and academia. The participating entities intend to address various issues, such as qualifying young people to shape the future through innovation and technology, the government's role in supporting and qualifying young minds and talents, and the importance of science, technology, and innovation to transform the UAE's economy into a knowledge economy.
* Economists confirmed that the two packages recently announced by the UAE government will greatly support the establishment of young citizens for their own projects and the development of their businesses, and even competition at the regional and global levels, during the coming months, where they will be able to view some international economic experiences during Expo 2020 Dubai to be held in October.
* Silatech in Qatar launched a youth dialogue series to help turn youth challenges into opportunities within an economic development context and through employment creation in the MENA region. Within the event framework, a partnership agreement has been announced between Silatech and the Bill and Melinda Gates Foundation (BMGF), which looks to further create socio- economic opportunities for unemployed youth in MENA. It will also launch a program together with Education for Employment Foundation (EFE) in Morocco, aiming to connect youth with decent employment. A key component of the initiative is highlighting the importance and urgency of promoting youth re-skilling and capacity building to achieve decent employment for young men and women among diverse industry sectors. The inaugural Silatech Youth Dialogue Series, UNGA Edition held with the participation of Generation Unlimited, the Bill and Melinda Gates Foundation, and the Permanent Mission of Qatar to the UN, was themed “The Role of Youth Socio-Economic Empowerment in Achieving Global Resilience in the COVID-19 era.”
* Middle East Monitor reported on September 21 that young Lebanese are driving a crypto revolution after banks go bust. Lebanese are forced to withdraw money in pounds at a massive loss or take out US dollar-denominated cheques which are then sold for a fraction of their price – currently about 20 per cent. A recovery plan proposed by the government to the International Monetary Fund in 2020 estimated the losses in Lebanon's financial system at about $83 billion. The bankrupt country's tech-savvy youth are increasingly turning to cryptocurrency to shield themselves from currency depreciation, get money in and out of the country, and try to make up for the losses they have suffered.
* Arab News indicated that the Sovereign Fund of Egypt is exploring investment opportunities in the fintech sector with a focus on small and medium projects. The fund aims to attract private investments in Egypt’s underutilized assets and create wealth for future generations and boost the country’s economic growth.
* Middle East Monitor indicated on September 24 that Denmark provided Palestine with a $72 million grant to support its efforts to reach independence. The funds will be spent on local governance, agriculture, and civil society, among other fields. Danish support focuses on human rights, promoting accountability along with democracy and creating job opportunities with a particular focus on women and the youth.
* IBM established a training academy in Saudi, aimed at improving the digital skills of 100,000 young Saudis, as reported by Bol News on September 24. This is expected to be delivered in partnership with the Saudi Data and Artificial Intelligence Authority, the Saudi Federation for Cybersecurity, Programming and Drones, and the Ministry of Communications and Information Technology.
* The Libyan Prime Minister revealed that the government is preparing to dedicate near $3.3 million to support youth and development projects. He added that the government will release all idle salaries as of next October, stressing that the Savings Bank will be tasked with granting housing loans to young people. This decision comes after the House of Representatives decided to withdraw confidence from the government and task it with running affairs despite its reliance in managing its previous expenses on the state’s financial law 1/12 after the House of Representatives failed to approve the general budget, which the government estimated at about $24.5 billion, while the statements of the Finance Committee in the House of Representatives showed the total government expenditures since its adoption amounted to $10.14 billion.
* The Iraqi Ministry of Labor and Social Affairs announced that the number of registered unemployed persons in its database reached one million and 700 thousand individuals, with other unregistered numbers, while it launched a program to train them during the last quarter of this year. The director of the Department of Labor and Vocational Training said that "this program targets the disabled energies of the youth category of various disciplines, educational levels and ages by providing courses to develop their skills and push them into the labor market." He added, "the ministry aspires to maximize the role of the Department of Labor and Vocational Training for youth employment and the eradication of unemployment. In the next stage, the focus will be on implementing fixed steps for a modern work policy that can be applied on the ground to employ the unemployed and make it an outlet for young people to rely on instead of relying on social protection subsidy."