Klaus Schwab, chairman of the board of trustees of World Economic Forum speaks at the World Governments Summit. Chris Whiteoak / The National
Klaus Schwab, chairman of the board of trustees of World Economic Forum speaks at the World Governments Summit. Chris Whiteoak / The National
Klaus Schwab, chairman of the board of trustees of World Economic Forum speaks at the World Governments Summit. Chris Whiteoak / The National
Klaus Schwab, chairman of the board of trustees of World Economic Forum speaks at the World Governments Summit. Chris Whiteoak / The National

World Economic Forum launches search for new chairman as founder steps down after 55 years


Deena Kamel
  • English
  • Arabic

The World Economic Forum (WEF) has started searching for a new chairman after founder Klaus Schwab stepped down as head of its board of trustees at a meeting on April 20.

The board unanimously appointed vice chairman Peter Brabeck-Letmathe as interim chairman, in accordance with its rules and regulations, and a search committee has been appointed to select a new chairman, a WEF statement said on Monday.

“As I enter my 88th year, I have decided to step down from the position of chair and as a member of the Board of Trustees, with immediate effect," Mr Schwab said.

He was the executive chairman of WEF for more than half a century. He started what became the World Economic Forum, initially called the European Management Forum, in 1971, as a symposium on corporate management.

Since then, the organisation grew to become a leading convener of global leaders. Its annual meeting in the Swiss town of Davos has become a staple in the calendar of global executives. An annual gathering of about 2,500 corporate executives, financiers, politicians and public figures from more than 100 countries, it tackles matters such as inequality, migration, digital innovation and globalisation.

"Davos man" became a term to refer to the elite of the globalised world, often used to criticise capitalism and its top beneficiaries. And yet the annual meeting often sought solutions for global problems, including tackling pandemics and regulating technology.

Mr Schwab chose the Swiss resort town to make guests feel relaxed and speak freely, according to the Geneva-based non-profit organisation’s website.

Expressing gratitude for Mr Schwab's 55 years of leadership at the Forum, the board of trustees issued a statement saying he created the "leading global platform for dialogue and progress".

"At a time when the world is undergoing rapid transformation, the need for inclusive dialogue to navigate complexity and shape the future has never been more critical," the WEF said.

  • US President Donald Trump is shown on screen as he addresses a plenary session remotely in Davos, Switzerland. EPA
    US President Donald Trump is shown on screen as he addresses a plenary session remotely in Davos, Switzerland. EPA
  • Participants queue to enter the Congress Hall. EPA
    Participants queue to enter the Congress Hall. EPA
  • Iraqi President Abdul Latif Rashid. EPA
    Iraqi President Abdul Latif Rashid. EPA
  • Special police stationed on the roof of the Congress Hotel in Davos. EPA
    Special police stationed on the roof of the Congress Hotel in Davos. EPA
  • Former UK prime minister Tony Blair and Syrian Foreign Minister Asaad Al Shibani at the Annual Meeting of World Economic Forum in Davos. AP
    Former UK prime minister Tony Blair and Syrian Foreign Minister Asaad Al Shibani at the Annual Meeting of World Economic Forum in Davos. AP
  • Javier Milei, Argentina's President, during an interview at Bloomberg House at the event. Bloomberg
    Javier Milei, Argentina's President, during an interview at Bloomberg House at the event. Bloomberg
  • Spain's Prime Minister Pedro Sanchez on the podium. AFP
    Spain's Prime Minister Pedro Sanchez on the podium. AFP
  • Iran's Vice President for Strategic Affairs Mohammad Zarif addresses the audience. AFP
    Iran's Vice President for Strategic Affairs Mohammad Zarif addresses the audience. AFP
  • German Chancellor Olaf Scholz, left, and Ukrainian President Volodymyr Zelenskyy. Getty Images
    German Chancellor Olaf Scholz, left, and Ukrainian President Volodymyr Zelenskyy. Getty Images
  • Israel's President Isaac Herzog at the annual meeting in Davos. AP
    Israel's President Isaac Herzog at the annual meeting in Davos. AP
  • Saudi Arabia's Minister of Foreign Affairs Prince Faisal bin Farhan, during the 55th annual meeting of the World Economic Forum in Davos. Reuters
    Saudi Arabia's Minister of Foreign Affairs Prince Faisal bin Farhan, during the 55th annual meeting of the World Economic Forum in Davos. Reuters
  • The Prime Minister and Foreign Minister of Qatar, Sheikh Mohammed bin Abdulrahman, attends the Annual Meeting of the World Economic Forum in Davos. Reuters
    The Prime Minister and Foreign Minister of Qatar, Sheikh Mohammed bin Abdulrahman, attends the Annual Meeting of the World Economic Forum in Davos. Reuters
  • President of South Africa Cyril Ramaphosa speaks at a plenary session. EPA
    President of South Africa Cyril Ramaphosa speaks at a plenary session. EPA
  • Khaldoon Al Mubarak, chief executive of Mubadala Investment Co, during a panel session in Davos. Bloomberg
    Khaldoon Al Mubarak, chief executive of Mubadala Investment Co, during a panel session in Davos. Bloomberg
  • Former British prime minister Theresa May at the 55th annual World Economic Forum. EPA
    Former British prime minister Theresa May at the 55th annual World Economic Forum. EPA
  • Brian Moynihan, chief executive officer of Bank of America Corp, at the forum. Bloomberg
    Brian Moynihan, chief executive officer of Bank of America Corp, at the forum. Bloomberg
  • Ruth Porat, chief financial officer of Alphabet Inc, at Bloomberg House. Bloomberg
    Ruth Porat, chief financial officer of Alphabet Inc, at Bloomberg House. Bloomberg
  • Amir Yaron, governor of Israel's central bank, at the WEF in Davos. Bloomberg
    Amir Yaron, governor of Israel's central bank, at the WEF in Davos. Bloomberg
  • Ngozi Okonjo-Iweala, director general of the World Trade Organisation in Davos. Bloomberg
    Ngozi Okonjo-Iweala, director general of the World Trade Organisation in Davos. Bloomberg
  • From left, Rachel Morison, editor at Bloomberg News, Belgium's Prime Minister Alexander De Croo, Ester Baiget, chief executive of Novozymes, Marc Ferracci, France's Industry and Energy Minister, Martin Lundstedt, chief executive of Volvo, and Anna Borg, chief executive of Vattenfall AB, during a panel session at the World Economic Forum. Bloomberg
    From left, Rachel Morison, editor at Bloomberg News, Belgium's Prime Minister Alexander De Croo, Ester Baiget, chief executive of Novozymes, Marc Ferracci, France's Industry and Energy Minister, Martin Lundstedt, chief executive of Volvo, and Anna Borg, chief executive of Vattenfall AB, during a panel session at the World Economic Forum. Bloomberg
  • Rafael Grossi, director general of International Atomic Energy Agency, speaks at the WEF. Bloomberg
    Rafael Grossi, director general of International Atomic Energy Agency, speaks at the WEF. Bloomberg
  • Mina Al-Oraibi, editor-in-chief of The National, left, Mohamed Kande, global chairman of PwC, second left, Ravi Kumar S, chief executive of Cognizant, second right, and Luc Triangle, general secretary of the International Trade Union Confederation, right, during the panel session titled, Who Benefits from Augmentation? Photo: WEF
    Mina Al-Oraibi, editor-in-chief of The National, left, Mohamed Kande, global chairman of PwC, second left, Ravi Kumar S, chief executive of Cognizant, second right, and Luc Triangle, general secretary of the International Trade Union Confederation, right, during the panel session titled, Who Benefits from Augmentation? Photo: WEF
  • Filippo Grandi, UN High Commissioner for Refugees, speaks during the Refugees and Their Olympian Spirit session. Photo: WEF
    Filippo Grandi, UN High Commissioner for Refugees, speaks during the Refugees and Their Olympian Spirit session. Photo: WEF
  • Bandar Bin Mohammed Al Thani, Governor of the Qatar Central Bank, during the session called Banks: Change on All Fronts? Photo: WEF
    Bandar Bin Mohammed Al Thani, Governor of the Qatar Central Bank, during the session called Banks: Change on All Fronts? Photo: WEF
  • Masomah Ali Zada, chef de mission of the Refugee Olympic Team, France, speaks during the Refugees and Their Olympian Spirit session. Photo: WEF
    Masomah Ali Zada, chef de mission of the Refugee Olympic Team, France, speaks during the Refugees and Their Olympian Spirit session. Photo: WEF
  • Watching the inauguration of Donald Trump as US President on screens, at the Ukraine House, during the World Economic Forum in Davos. AP
    Watching the inauguration of Donald Trump as US President on screens, at the Ukraine House, during the World Economic Forum in Davos. AP
  • Waleed Al Muhairi, deputy group chief executive of Mubadala Investment Company, during a Bloomberg Television interview before the WEF. Bloomberg
    Waleed Al Muhairi, deputy group chief executive of Mubadala Investment Company, during a Bloomberg Television interview before the WEF. Bloomberg

The move comes during a time of heightened uncertainty caused by US President Donald Trump's tariff regime that has roiled markets, dented oil prices and sent gold prices soaring. The tariff announcement this month has stoked fears of a US-China trade war and a global economic recession.

Global trade is at a critical crossroads amid the US tariffs regime, with the World Trade Organisation slashing its forecast for 2025. It now expects trade in goods to fall by 0.2 per cent this year, down from its expectation in October of 3 per cent expansion.

With strong ties with leading organisations such as the UN and World Bank, the WEF has played a major role in navigating political issues and promoting a collaborative approach to global trade.

"The board of trustees of the World Economic Forum underlines the importance of remaining steadfast in its mission and values as a facilitator of progress," the WEF said. "Building on its trusted role, the Forum will continue to bring together leaders from all sectors and regions to exchange insights and foster collaboration."

Mr Schwab was born in Germany to parents of Swiss origin. While the organisation he founded has frequently faced the charge of elitism, he has consistently stressed the need for the kind of global co-operation it offered.

As Mr Schwab got older, speculation increased about when he would retire and who would take his place. He continued to have a strong presence in the WEF and its annual meeting, but increasingly handed over responsibilities to president and chief executive Borge Brende, Norway's former foreign minister.

Both Mr Schwab's children, Nicole and Olivier, also worked at the WEF but have taken steps to leave the organization.

Nicole Schwab left her position of executive chairman in December. Her brother Oliver, a managing director, has previously said he has plans to leave and create his own startup.

This story has been updated to reflect an edit with details about Mr Schwab’s children

In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

The biog

Name: Capt Shadia Khasif

Position: Head of the Criminal Registration Department at Hatta police

Family: Five sons and three daughters

The first female investigator in Hatta.

Role Model: Father

She believes that there is a solution to every problem

 

Bharat

Director: Ali Abbas Zafar

Starring: Salman Khan, Katrina Kaif, Sunil Grover

Rating: 2.5 out of 5 stars

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.”

 

 

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
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Tuesday results:

  • Singapore bt Malaysia by 29 runs
  • UAE bt Oman by 13 runs
  • Hong Kong bt Nepal by 3 wickets

Final:
Thursday, UAE v Hong Kong

The Freedom Artist

By Ben Okri (Head of Zeus)

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Bookshops: A Reader's History by Jorge Carrión (translated from the Spanish by Peter Bush),
Biblioasis

What is graphene?

Graphene is extracted from graphite and is made up of pure carbon.

It is 200 times more resistant than steel and five times lighter than aluminum.

It conducts electricity better than any other material at room temperature.

It is thought that graphene could boost the useful life of batteries by 10 per cent.

Graphene can also detect cancer cells in the early stages of the disease.

The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.

Updated: April 22, 2025, 12:18 PM