Ohood Al Roumi is UAE Minister of State for Government Development and the Future
February 10, 2023
The UAE was established on December 2, 1971. Five decades later, the UN Educational, Scientific and Cultural Organisation (Unesco) named the UAE’s National Day “The International Day of the Future". The soul of the UAE is defined by its focus on designing and pioneering the future.
Over the past 50 years, our world witnessed the fastest population growth in human history. The number of people living on our planet has grown from 3.8 billion in 1971 to 8 billion in 2022, with a majority of them in Asia and Africa. We have also witnessed the start of the Fourth Industrial Revolution – a leap in technology, from data and artificial intelligence to quantum computing and blockchains, which has affected our lives in multifaceted ways and will fundamentally re-shape our coming decade.
During those past five decades the world witnessed the rise of some countries and the failure of others. We saw, for instance, the growth of “Asian Tigers” such as South Korea, Hong Kong and Singapore, while other countries generally considered to be developed lagged behind and faced development challenges.
Studying these global experiences, we find that the key factors that differentiate those who succeed or fail are their ability to anticipate change, ensure readiness to deal with future challenges, quickly leverage rising opportunities and make the most of the technological revolution. For a country to grow and prosper, it must be able to design its future, rather than wait for it to happen.
The opening ceremony of Dubai's Museum of the Future in 2022. The UAE's accomplishments and rapid growth have been centred on the future and its design. Antonie Robertson / The National
The new world in which we live today offers us the chance to unleash human capital in unprecedented ways to create a better, more sustainable future. During the past 50 years, the UAE has risen to the global position it holds today. According to many international experts, there may be no country that better embodies the major trends that have driven global development over that time than the UAE.
Today, our country is a global economic capital, home to people from around 200 nationalities, including some of the best minds in the world. With some of the planet’s largest sovereign wealth funds, the UAE and its companies are at the forefront of global investment and trade. Emirates and Etihad Airways cover every corner of the world, and our airports are among the busiest and most active globally. Furthermore, we are one of the world's largest contributors of development assistance relative to gross national product.
All of these accomplishments, as well as our rapid growth, have been by design. We decided, from 1971 onwards, that we will not wait for the future to come – we will shape it, and be ready for it.
While there are multiple crises, we often forget that there are also many opportunities
The year 2023 began with the World Economic Forum, where experts and global leaders unanimously agreed we are living in a global environment characterised by “polycrises”, with supply chain disruptions, rising inflation, political instability, climate change effects and many other challenges occurring simultaneously.
While there are indeed multiple crises, we also see many opportunities. That is the UAE way, looking for new opportunities and being ahead of the curve. We see the core function of our government is to anticipate, prepare for and design the future; creating new economic models that maximise the advantages of technology towards building a better tomorrow for our society.
As we launch our World Government Summit, the world is facing accelerating challenges, but we see it also offering new and promising opportunities. Last month, we released the Future Opportunities Index to analyse future trends in a variety of fields such as the well-being economy, circular economy, advanced digital economy, biotechnology economy, carbon-neutral economy and the experience economy. Over the next decade, these sectors will grow at an accelerated rate, providing about $30 trillion in revenue to the global economy. This is the new economy, which will provide an ideal opportunity for further growth.
During the recovery phase of Covid-19 pandemic in 2021/2022, the UAE successfully staged Expo 2020, which attracted more than 25 million visitors. This year, the UAE will chair the 28th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (Cop28) and host the world so that we can take action to ensure a sustainable future for the planet. In a few months after that, we will host the 13th Ministerial Conference (MC13) of the World Trade Organisation (WTO) to shape the future of trade.
Throughout its development path, the UAE has embraced this future vision, striving to design the future and working on the international arena in a spirit of co-operation and partnership. Building a better future is an intrinsic part of our culture and our values, something at which the UAE truly excels, and that will continue to be our core competitive advantage.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Schedule:
All matches at the Harare Sports Club
1st ODI, Wed Apr 10
2nd ODI, Fri Apr 12
3rd ODI, Sun Apr 14
4th ODI, Sun Apr 16
UAE squad
Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Mohammed Usman, CP Rizwan, Chirag Suri, Mohammed Boota, Ghulam Shabber, Sultan Ahmed, Imran Haider, Amir Hayat, Zahoor Khan, Qadeer Ahmed
Zimbabwe squad
Peter Moor (captain), Solomon Mire, Brian Chari, Regis Chakabva, Sean Williams, Timycen Maruma, Sikandar Raza, Donald Tiripano, Kyle Jarvis, Tendai Chatara, Chris Mpofu, Craig Ervine, Brandon Mavuta, Ainsley Ndlovu, Tony Munyonga, Elton Chigumbura
Miss Granny
Director: Joyce Bernal
Starring: Sarah Geronimo, James Reid, Xian Lim, Nova Villa
3/5
(Tagalog with Eng/Ar subtitles)
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024. It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine. Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages]. The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts. With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians. Following the single’s success, the idea to stage a rock concert evolved. Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world. The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.
The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.
The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.
The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.
UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.
That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.
Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.
Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
