Paradox of plenty has crippled some, but not the UAE



For the past five years I have been visiting Abu Dhabi around this time of year to see my daughter and her family, and escape the cold monotony of the European winter.

I am not one of the many expatriates who seek out business or life opportunities in the UAE. I am not economically vested.

But I have formed impressions of the Emirates, views of a man in his later years who has worked all over the world as a civil servant, economist and consultant, and who is very impressed with the rate of progress in the emirate and the country.

Every time I land in Abu Dhabi I encounter new terminal upgrades. My family takes me to their home via new routes (the Khalifa Bridge, the Sheikh Zayed Tunnel), past new attractions and developments (Yas Water World, the St Regis Hotel, the Yas Marina Circuit). I sometimes think that those who live here can become immune to the developmental cycle around them. But to a casual visitor like me, what has been achieved in just over 40 years since federation is nothing short of spectacular. If globalisation remains largely an abstract concept for the man in the street in Europe, one can almost feel the physical reality of it here.

After my second or third visit it became apparent that the country should - and hopefully will - serve as a model for resource-rich African countries seeking to order their domestic affairs after independence.

I began my career as a Belgian civil servant, working in the Congo. In 1955, I joined the Directorate of Economic Affairs of the Central Government in Kinshasa (then called Leopoldville). It was an exciting time for a young man to be working in a country the size of western Europe, or 80 times the size of my native Belgium, endowed with vast natural resources and enjoying a vibrant economy with an average growth rate of about 8 per cent over the previous 30 years.

Soon after independence in 1960, the Congo was engulfed by growing insecurity, corruption, hyperinflation, the excesses of dictatorship and vast population movements as well as violence that claimed millions of lives. The conflict between communism and the West also found a focus in the newly established country, adding to the mess. As a result, despite its vast natural resources, the per capita income of the Congolese today is only a fraction of what it used to be more than half a century ago.

My subsequent employment as an economist for one of the largest multinational mining corporations exposed me further to social and economic trends in various sub-Saharan African countries.

In some cases the leadership of these countries failed to seize the opportunities offered by independence and the chance to harness their natural resources for their nation. Instead, they opted for corrupt solutions to the exclusive benefit of political or other affiliated supporters and blamed - with some justification occasionally - past colonial sins for present day dysfunction.

The so-called colonial legacy in terms of infrastructure in the Congo was substantial, consisting of roads, railways, airports, maritime and river transport facilities, hospitals and schools. In the field of education, for instance, in the mid 1950s Lovanium University in Kinshasa set up the first small nuclear reactor in Africa to help teach nuclear physics to students.

In contrast, the remarkable infrastructure we see in place in the UAE is largely the country's own, conceived and executed for the most part after the formation of the UAE.

The country lost no time in shaping its own destiny, with an eye towards diversification of the economy away from oil and towards sectors that would provide jobs and careers for Emiratis, as well as for thousands of expatriate workers. Even though the UAE remains firmly attached to its culture and its Bedouin heritage, it has a firm eye fixed on the future.

Many of those who live permanently in the UAE do not, I believe, recognise the pace of change around them as they have become so used to new buildings springing up, new roads being built and the constant swinging of cranes and pouring of concrete.

As someone who lives in Europe, a region suffering from demographic decline, an ageing population and economic uncertainty, I find it refreshing to visit a country with such a firm grip on its economic destiny.

Luc Smets has worked as an economist and consultant for various companies related to mining, including Charter Consolidated in London and De Beers, for over 20 years

Episode list:

Ep1: A recovery like no other- the unevenness of the economic recovery 

Ep2: PCR and jobs - the future of work - new trends and challenges 

Ep3: The recovery and global trade disruptions - globalisation post-pandemic 

Ep4: Inflation- services and goods - debt risks 

Ep5: Travel and tourism 

Kibsons%20Cares
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Which honey takes your fancy?

Al Ghaf Honey

The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year

Sidr Honey

The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest

Samar Honey

The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments

The specs

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

The specs

Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)

The biog

Age: 23

Occupation: Founder of the Studio, formerly an analyst at Cleveland Clinic Abu Dhabi

Education: Bachelor of science in industrial engineering

Favourite hobby: playing the piano

Favourite quote: "There is a key to every door and a dawn to every dark night"

Family: Married and with a daughter

Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

Thank You for Banking with Us

Director: Laila Abbas

Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum

Rating: 4/5

The specs

Engine: 6.2-litre V8

Transmission: ten-speed

Power: 420bhp

Torque: 624Nm

Price: Dh325,125

On sale: Now

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%3E%0A
The specs

Engine: Dual 180kW and 300kW front and rear motors

Power: 480kW

Torque: 850Nm

Transmission: Single-speed automatic

Price: From Dh359,900 ($98,000)

On sale: Now

The Perfect Couple

Starring: Nicole Kidman, Liev Schreiber, Jack Reynor

Creator: Jenna Lamia

Rating: 3/5

Company%20Profile
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CHINESE GRAND PRIX STARTING GRID

1st row 
Sebastian Vettel (Ferrari)
Kimi Raikkonen (Ferrari)

2nd row 
Valtteri Bottas (Mercedes-GP)
Lewis Hamilton (Mercedes-GP)

3rd row 
Max Verstappen (Red Bull Racing)
Daniel Ricciardo (Red Bull Racing)

4th row 
Nico Hulkenberg (Renault)
Sergio Perez (Force India)

5th row 
Carlos Sainz Jr (Renault)
Romain Grosjean (Haas)

6th row 
Kevin Magnussen (Haas)
Esteban Ocon (Force India)

7th row 
Fernando Alonso (McLaren)
Stoffel Vandoorne (McLaren)

8th row 
Brendon Hartley (Toro Rosso)
Sergey Sirotkin (Williams)

9th row 
Pierre Gasly (Toro Rosso)
Lance Stroll (Williams)

10th row 
Charles Leclerc (Sauber)
arcus Ericsson (Sauber)

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The specs

Engine: 1.5-litre 4-cylinder petrol

Power: 154bhp

Torque: 250Nm

Transmission: 7-speed automatic with 8-speed sports option 

Price: From Dh79,600

On sale: Now

Fanney Khan

Producer: T-Series, Anil Kapoor Productions, ROMP, Prerna Arora

Director: Atul Manjrekar

Cast: Anil Kapoor, Aishwarya Rai, Rajkummar Rao, Pihu Sand

Rating: 2/5 

Secret Nation: The Hidden Armenians of Turkey
Avedis Hadjian, (IB Tauris)
 

CABINET%20OF%20CURIOSITIES%20EPISODE%201%3A%20LOT%2036
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EGuillermo%20del%20Toro%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Tim%20Blake%20Nelson%2C%20Sebastian%20Roche%2C%20Elpidia%20Carrillo%3Cbr%3ERating%3A%204%2F5%3C%2Fp%3E%0A
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Eco%20Way%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20December%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Ivan%20Kroshnyi%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Electric%20vehicles%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Bootstrapped%20with%20undisclosed%20funding.%20Looking%20to%20raise%20funds%20from%20outside%3Cbr%3E%3C%2Fp%3E%0A
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
The specs

Engine: 3.8-litre twin-turbo flat-six

Power: 650hp at 6,750rpm

Torque: 800Nm from 2,500-4,000rpm

Transmission: 8-speed dual-clutch auto

Fuel consumption: 11.12L/100km

Price: From Dh796,600

On sale: now