Energy of youth can be boon, or burden


  • English
  • Arabic

A year ago, Arab youth felt that securing political reform and establishing democracy was their top priority.

But today, with disillusionment setting in and economic reality knocking on their front door, their top concerns are fair wages and home ownership, according to findings of the annual Arab Youth Survey, made public this month.

With the heady days of revolution, political optimism and youth power fading, and facing economic woe little different than before the fall of Hosni Mubarak, Egyptians took to the polls this week.

The huge youth demographic is sure to play a significant role. Two-thirds of Egyptians are under 30, and so have known nothing but Mr Mubarak's rule. And about a quarter of Egypt's people are in the 18-29 age bracket.

But in last year's constitutional referendum only 18 million people - just 41 per cent of those eligible - actually voted, perhaps a sign that disillusionment is already eclipsing fervour. In the winter parliamentary elections, the overall turnout was just 54 per cent.

This waning idealism is not isolated to young Arabs. In the US, first-time voters came down strongly for Barack Obama in 2008, bolstering his campaign. In the UK, young people warmed to the Liberal Democrats, who espoused policies such as university enrolment without tuition fees.

In both of those countries, too, young voters are now becoming increasingly apathetic, disillusioned by broken promises, scandal and a sense that those in power are all the same.

Hard times can be hardest on young people, many of whom find themselves with no money, jobs, or prospects. Fulfilling the basic needs of real life becomes a priority; idealism fades. To paraphrase the American psychologist Abraham Maslow's hierarchy of needs: food, shelter and family come before political idealism.

The "youth bulge" of the Arab world, and of emerging nations such as Pakistan, is a double-edged sword economically. An increasing labour pool offers such countries the opportunity to improve their economic status, particularly at a time when western countries face ageing populations and economic downturn.

It is no coincidence that some of the most successful emerging economies, in Brazil and India, for example, have youthful populations. The challenge is to ensure that jobs are available for this increasingly sophisticated and educated labour force.

The youth bulge is also a double- edged sword politically. The politicisation of all those young people can force leaders to create change, but youth frustration at the inability to improve the reality of their lives can turn to apathy.

It is equally disheartening to see youth apathy in countries such as the UK and US. Young people there already have the opportunity to participate in politics but feel betrayed by the system and feel that their participation is futile.

Given the power of the youth demographic, in numbers and in influence, the role of the young in keeping up the momentum for change is crucial.

Let's hope that apathy is eschewed, and that idealism can flourish despite the painful economic realities.

Shelina Zahra Janmohamed is the author of Love in a Headscarf and writes a blog at www.spirit21.co.uk

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The National selections

6.30pm: Gifts Of Gold

7.05pm Final Song

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8.15pm Dark Of Night

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While you're here
What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

Islamophobia definition

A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

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Our legal consultants

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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The Light of the Moon

Director: Jessica M Thompson

Starring: Stephanie Beatriz, Michael Stahl-David

Three stars

In-demand jobs and monthly salaries
  • Technology expert in robotics and automation: Dh20,000 to Dh40,000 
  • Energy engineer: Dh25,000 to Dh30,000 
  • Production engineer: Dh30,000 to Dh40,000 
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  • Senior process engineer: Dh28,000 to Dh38,000 
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Milestones on the road to union

1970

October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar. 

December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.

1971

March 1:  Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.

July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.

July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.

August 6:  The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.

August 15: Bahrain becomes independent.

September 3: Qatar becomes independent.

November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.

November 29:  At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.

November 30: Despite  a power sharing agreement, Tehran takes full control of Abu Musa. 

November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties

December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.

December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.

December 9: UAE joins the United Nations.

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SPECS
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Sukuk explained

Sukuk are Sharia-compliant financial certificates issued by governments, corporates and other entities. While as an asset class they resemble conventional bonds, there are some significant differences. As interest is prohibited under Sharia, sukuk must contain an underlying transaction, for example a leaseback agreement, and the income that is paid to investors is generated by the underlying asset. Investors must also be prepared to share in both the profits and losses of an enterprise. Nevertheless, sukuk are similar to conventional bonds in that they provide regular payments, and are considered less risky than equities. Most investors would not buy sukuk directly due to high minimum subscriptions, but invest via funds.

Spider-Man: No Way Home

Director: Jon Watts

Stars: Tom Holland, Zendaya, Jacob Batalon 

Rating:*****

match info

Athletic Bilbao 1 (Muniain 37')

Atletico Madrid 1 (Costa 39')

Man of the match  Iker Muniain (Athletic Bilbao)

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Red flags
  • Promises of high, fixed or 'guaranteed' returns.
  • Unregulated structured products or complex investments often used to bypass traditional safeguards.
  • Lack of clear information, vague language, no access to audited financials.
  • Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
  • Hard-selling tactics - creating urgency, offering 'exclusive' deals.

Courtesy: Carol Glynn, founder of Conscious Finance Coaching

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Austrian Grand Prix race timings

Weekend schedule for Austrian Grand Prix - all timings UAE

Friday

Noon-1.30pm First practice

4-5.30pm Second practice

Saturday

1-2pm Final practice

4pm Qualifying

Sunday

4pm Austrian Grand Prix (71 laps)

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The specs

Engine: 2.0-litre four-cylinder turbo

Power: 268hp at 5,600rpm

Torque: 380Nm at 4,800rpm

Transmission: CVT auto

Fuel consumption: 9.5L/100km

On sale: now

Price: from Dh195,000 

Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
SPECS
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WITHIN%20SAND
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Fund-raising tips for start-ups

Develop an innovative business concept

Have the ability to differentiate yourself from competitors

Put in place a business continuity plan after Covid-19

Prepare for the worst-case scenario (further lockdowns, long wait for a vaccine, etc.) 

Have enough cash to stay afloat for the next 12 to 18 months

Be creative and innovative to reduce expenses

Be prepared to use Covid-19 as an opportunity for your business

* Tips from Jassim Al Marzooqi and Walid Hanna