Just more than 10 years ago, on my first visit to China, I wrote: “I have seen the future. It is China’s communist-capitalism. And it works.”
I cringe a little at the gushing enthusiasm now, but take comfort in the fact that, for all but the past few months of the past decade, I was right. China was the world’s great economic success story of the past three decades, and after the financial crisis of 2009 it almost single-handedly pulled the rest of the world out of the mire.
So, as I concluded in Shanghai in 2005, China’s mix of entrepreneurial dynamism controlled and directed by top- down economic policy – “communist-capitalism” – really did work. But how much longer it will be possible to say that is another matter.
A top-level party from the Dubai International Financial Centre is currently in China on another business-generating trip, and they will return with their own take on the country’s current economic situation.
They have, to a large degree, aligned the future of Dubai as a financial hub to the fortunes of China. Over the next decade, the DIFC will seek to treble in size, and a big slice of that growth is forecast to come from China’s relentless appetite for oil, commodities and other trade with the Middle East, and with Africa via the Arabian Gulf region.
The DIFC has not put all its eggs in the China basket, of course. India and the other Asian economies are also potential partners over the next decade, and if China slows they can compensate to some degree.
Nor, it should be noted, has the DIFC entirely given up on the West. America and Europe still comprise a very big part of its business, and the DIFC could easily look westward again if eastern growth looked to be slowing.
But China is such a huge economy, and figures so high on Dubai’s future horizon, that its economic fortunes are crucial. How does China stand?
The bear case is simple. The argument goes that China has reached a stage in its economic development where it has to move away from the basic model of export-led cheap manufacturing that has served it so well for three decades. Instead, it must focus on domestic consumer demand as the engine of growth.
It is not as easy as it sounds to turn round a supertanker such as the Chinese economy, and it raises problems in four main areas: markets; finance; economic policy; and politics.
Chinese stock markets have led the world downwards for most of the summer. Expert opinion is divided as to whether that decline is justified, but it has become self-fulfilling. The rest of the world is convinced Chinese equity markets are overvalued, and will continue to sell them until they reach a value level again. At the moment, nobody can say where that level might be.
Simultaneously, the financial system is creaking. High levels of debt, coupled with suspicions that the real figures are not yet in the public domain due to lack of transparency, is casting general doubt on the well-being of the country’s banks.
Economic policy, which should be so simple in a “communist-capitalist” system, is looking increasingly uncertain. The devaluation of the yuan a few weeks back was a justified measure, but it turned into a symptom of panic and confusion.
The political system has been the great strength of the past three decades. Swift decision-making by a meritocratic elite led to certainty and predictability of policy. But now that has all changed. Succession issues, corruption and bureaucratic inefficiency seem the order of the day.
All that is the bad news. Set against it is the country’s vast financial reserves, built up by its exporting machine, the high power of its industrial economy, which can still churn out goods the rest of the world wants, and the pent-up demand of its 1.4 billion consumers, led by a rising middle class. What is needed is a bit more of the old certainty in policy making.
The DIFC’s take on it all will be fascinating. Much is at stake for Dubai, and for the world.
fkane@thenational.ae
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Poacher
Director: Richie Mehta
Starring: Nimisha Sajayan, Roshan Mathew, Dibyendu Bhattacharya
Rating: 3/5
Bob Marley: One Love
Director: Reinaldo Marcus Green
Starring: Kingsley Ben-Adir, Lashana Lynch, James Norton
Rating: 2/5
The specs
Engine: 2.3-litre 4cyl turbo
Power: 299hp at 5,500rpm
Torque: 420Nm at 2,750rpm
Transmission: 10-speed auto
Fuel consumption: 12.4L/100km
On sale: Now
Price: From Dh157,395 (XLS); Dh199,395 (Limited)
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)
Hotel Silence
Auður Ava Ólafsdóttir
Pushkin Press
Law 41.9.4 of men’s T20I playing conditions
The fielding side shall be ready to start each over within 60 seconds of the previous over being completed.
An electronic clock will be displayed at the ground that counts down seconds from 60 to zero.
The clock is not required or, if already started, can be cancelled if:
• A new batter comes to the wicket between overs.
• An official drinks interval has been called.
• The umpires have approved the on field treatment of an injury to a batter or fielder.
• The time lost is for any circumstances beyond the control of the fielding side.
• The third umpire starts the clock either when the ball has become dead at the end of the previous over, or a review has been completed.
• The team gets two warnings if they are not ready to start overs after the clock reaches zero.
• On the third and any subsequent occasion in an innings, the bowler’s end umpire awards five runs.
Representing UAE overseas
If Catherine Richards debuts for Wales in the Six Nations, she will be the latest to have made it from the UAE to the top tier of the international game in the oval ball codes.
Seren Gough-Walters (Wales rugby league)
Born in Dubai, raised in Sharjah, and once an immigration officer at the British Embassy in Abu Dhabi, she debuted for Wales in rugby league in 2021.
Sophie Shams (England sevens)
With an Emirati father and English mother, Shams excelled at rugby at school in Dubai, and went on to represent England on the sevens circuit.
Fiona Reidy (Ireland)
Made her Test rugby bow for Ireland against England in 2015, having played for four years in the capital with Abu Dhabi Harlequins previously.
GRAN TURISMO
Director: Neill Blomkamp
Stars: David Harbour, Orlando Bloom, Archie Madekwe, Darren Barnet
Rating: 3/5
Pros and cons of BNPL
Pros
- Easy to use and require less rigorous credit checks than traditional credit options
- Offers the ability to spread the cost of purchases over time, often interest-free
- Convenient and can be integrated directly into the checkout process, useful for online shopping
- Helps facilitate cash flow planning when used wisely
Cons
- The ease of making purchases can lead to overspending and accumulation of debt
- Missing payments can result in hefty fees and, in some cases, high interest rates after an initial interest-free period
- Failure to make payments can impact credit score negatively
- Refunds can be complicated and delayed
Courtesy: Carol Glynn
The Little Mermaid
Director: Rob Marshall
Stars: Halle Bailey, Jonah Hauer-King, Melissa McCarthy, Javier Bardem
Rating: 2/5
Company profile
Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices
UAE'S YOUNG GUNS
1 Esha Oza, age 26, 79 matches
2 Theertha Satish, age 20, 66 matches
3 Khushi Sharma, age 21, 65 matches
4 Kavisha Kumari, age 21, 79 matches
5 Heena Hotchandani, age 23, 16 matches
6 Rinitha Rajith, age 18, 34 matches
7 Samaira Dharnidharka, age 17, 53 matches
8 Vaishnave Mahesh, age 17, 68 matches
9 Lavanya Keny, age 17, 33 matches
10 Siya Gokhale, age 18, 33 matches
11 Indhuja Nandakumar, age 18, 46 matches
Dengue fever symptoms
- High fever
- Intense pain behind your eyes
- Severe headache
- Muscle and joint pains
- Nausea
- Vomiting
- Swollen glands
- Rash
If symptoms occur, they usually last for two-seven days
Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
Seven Winters in Tehran
Director : Steffi Niederzoll
Starring: Reyhaneh Jabbari, Shole Pakravan, Zar Amir Ebrahimi
Rating: 4/5
THE BIO
Ms Al Ameri likes the variety of her job, and the daily environmental challenges she is presented with.
Regular contact with wildlife is the most appealing part of her role at the Environment Agency Abu Dhabi.
She loves to explore new destinations and lives by her motto of being a voice in the world, and not an echo.
She is the youngest of three children, and has a brother and sister.
Her favourite book, Moby Dick by Herman Melville helped inspire her towards a career exploring the natural world.
The specs
Engine: 3.0-litre six-cylinder MHEV
Power: 360bhp
Torque: 500Nm
Transmission: eight-speed automatic
Price: from Dh282,870
On sale: now
Frida
Director: Carla Gutierrez
Starring: Frida Kahlo
Rating: 4/5
Safety 'top priority' for rival hyperloop company
The chief operating officer of Hyperloop Transportation Technologies, Andres de Leon, said his company's hyperloop technology is “ready” and safe.
He said the company prioritised safety throughout its development and, last year, Munich Re, one of the world's largest reinsurance companies, announced it was ready to insure their technology.
“Our levitation, propulsion, and vacuum technology have all been developed [...] over several decades and have been deployed and tested at full scale,” he said in a statement to The National.
“Only once the system has been certified and approved will it move people,” he said.
HyperloopTT has begun designing and engineering processes for its Abu Dhabi projects and hopes to break ground soon.
With no delivery date yet announced, Mr de Leon said timelines had to be considered carefully, as government approval, permits, and regulations could create necessary delays.
Results
- Brock Lesnar retained the WWE Universal title against Roman Reigns
- Braun Strowman and Nicolas won the Raw Tag Team titles against Sheamus and Cesaro
- AJ Styles retained the WWE World Heavyweight title against Shinsuke Nakamura
- Nia Jax won the Raw Women’s title against Alexa Bliss
- Daniel Bryan and Shane McMahon beat Kevin Owens and Sami Zayn
- The Undertaker beat John Cena
- The Bludgeon Brothers won the SmackDown Tag Team titles against the Usos and New Day
- Ronda Rousey and Kurt Angle beat Triple H and Stephanie McMahon
- Jinder Mahal won the United States title against Randy Orton, Rusev and Bobby Roode
- Charlotte retained the SmackDown Women’s title against Asuka
- Seth Rollins won the Intercontinental title against The Miz and Finn Balor
- Naomi won the first WrestleMania Women’s Battle Royal
- Cedric Alexander won the vacant Cruiserweight title against Mustafa Ali
- Matt Hardy won the Andre the Giant Battle Royal
The specs
Engine: 1.8-litre 4-cyl turbo
Power: 190hp at 5,200rpm
Torque: 320Nm from 1,800-5,000rpm
Transmission: Seven-speed dual-clutch auto
Fuel consumption: 6.7L/100km
Price: From Dh111,195
On sale: Now
Kill
Director: Nikhil Nagesh Bhat
Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal
Rating: 4.5/5
DEADPOOL & WOLVERINE
Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin
Director: Shawn Levy
Rating: 3/5
Revival
Eminem
Interscope
The new Turing Test
The Coffee Test
A machine is required to enter an average American home and figure out how to make coffee: find the coffee machine, find the coffee, add water, find a mug and brew the coffee by pushing the proper buttons.
Proposed by Steve Wozniak, Apple co-founder
Sly Cooper and the Thievius Raccoonus
Developer: Sucker Punch Productions
Publisher: Sony Computer Entertainment
Console: PlayStation 2 to 5
Rating: 5/5
SPECS
Toyota land Cruiser 2020 5.7L VXR
Engine: 5.7-litre V8
Transmission: eight-speed automatic
Power: 362hp
Torque: 530Nm
Price: Dh329,000 (base model 4.0L EXR Dh215,900)
Company profile
Company name: Hayvn
Started: 2018
Founders: Christopher Flinos, Ahmed Ismail
Based: Abu Dhabi, UAE
Sector: financial
Initial investment: undisclosed
Size: 44 employees
Investment stage: series B in the second half of 2023
Investors: Hilbert Capital, Red Acre Ventures
Super Rugby play-offs
Quarter-finals
- Hurricanes 35, ACT 16
- Crusaders 17, Highlanders 0
- Lions 23, Sharks 21
- Chiefs 17, Stormers 11
Semi-finals
Saturday, July 29
- Crusaders v Chiefs, 12.35pm (UAE)
- Lions v Hurricanes, 4.30pm
WHAT START-UPS IS VISA SEEKING?
Enablers of digital services
• Blockchain and cryptocurrency
• Crowdfunding
• Banking-as-a-service
• Banking identification number sponsors
• Issuers/processors
• Programme managers
Digital issuance
• Blockchain and cryptocurrency
• Alternative lending
• Personal financial management
• Money transfer and remittance
• Digital banking (neo banks)
• Digital wallets, peer-to-peer and transfers
• Employee benefits
• Payables
• Corporate cards
Value-add for merchants/consumers
• Data and analytics
• ID, authentication and security
• Insurance technology
• Loyalty
• Merchant services and tools
• Process and payment infrastructure
• Retail technology
SME recovery
• Money movement
• Acceptance
• Risk management
• Brand management
New categories for 2023
• Sustainable FinTechs
• Risk
• Urban mobility
Spare
Profile
Company name: Spare
Started: March 2018
Co-founders: Dalal Alrayes and Saurabh Shah
Based: UAE
Sector: FinTech
Investment: Own savings. Going for first round of fund-raising in March 2019
AIDA RETURNS
Director: Carol Mansour
Starring: Aida Abboud, Carol Mansour
Rating: 3.5./5
COMPANY PROFILE
Company name: Klipit
Started: 2022
Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant
Based: Dubai, UAE
Industry: Digital receipts, finance, blockchain
Funding: $4 million
Investors: Privately/self-funded
TO CATCH A KILLER
Director: Damian Szifron
Stars: Shailene Woodley, Ben Mendelsohn, Ralph Ineson
Rating: 2/5
Illegal shipments intercepted in Gulf region
The Royal Navy raid is the latest in a series of successful interceptions of drugs and arms in the Gulf
May 11: US coastguard recovers $80 million heroin haul from fishing vessel in Gulf of Oman
May 8: US coastguard vessel USCGC Glen Harris seizes heroin and meth worth more than $30 million from a fishing boat
March 2: Anti-tank guided missiles and missile components seized by HMS Lancaster from a small boat travelling from Iran
October 9, 2022: Royal Navy frigate HMS Montrose recovers drugs worth $17.8 million from a dhow in Arabian Sea
September 27, 2022: US Naval Forces Central Command reports a find of 2.4 tonnes of heroin on board fishing boat in Gulf of Oman