Key role for Dubai's chief chairman


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It has been a hyperactive couple of years for Sheikh Ahmed bin Saeed Al Maktoum, Dubai's multitasker par excellence.

The 52-year-old member of the emirate's ruling family, uncle to Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, has expanded his portfolio of jobs to the point where he now has a presence at or near the top of virtually all of the entities that make up Dubai Inc.

If the post-crisis economic strategy of the emirate is to go "back to basics", focusing on the three Ts of transport, trade and tourism, Sheikh Ahmed sits firmly at the pinnacle of that triangle.

As chairman of The Emirates Group and its eponymous airline, he transports the tourists and businessmen whose spending is a vital part of Dubai's GDP.

Just last year, he was made chairman of Dubai World, the indebted conglomerate that holds a large part of the emirate's troublesome property interests. It also puts him at the top of DP World, the port operator that generates most of Dubai's global commerce.

At the same time, he is chairman of the Supreme Fiscal Committee, the ultimate holder of the emirate's purse strings, and chairman of the Supreme Council of Energy, the body deciding the direction of Dubai's crucial oil, gas, electricity and water needs.

This is in addition to a string of other jobs in the emirate's corporate infrastructure, as well as private business interests and charitable pursuits.

"He has a helicopter view of Dubai's economic strategy, and is perhaps the single most important individual in the emirate's future, after the Ruler, of course," says a Western banker who knows Sheikh Ahmed well. To add to that already crowded schedule, last week Sheikh Ahmed assumed responsibility for the UAE's biggest banking group, Emirates NBD, taking over as chairman from Ahmed Humaid Al Tayer. The appointment widens the horizon of the "helicopter view" and has prompted much speculation among Dubai's financial professionals as to the future direction of the emirate's banking industry.

It also got the "majlisologists" chattering, wondering what Sheikh Ahmed's new job means for the inner circle of advisers to the Ruler.

But first things first. How will he cope with the added workload involved in chairing the emirate's banking "champion" in the fragile global financial climate?

"I don't know how he manages to read all the daily reports," says an old friend and colleague, "but he gets through them sure enough.

"And it fits in nicely with his management style. He believes in teamwork and he is not afraid to delegate responsibility. He is great at motivating people, who are then determined to deliver for him," says the friend.

The new board of directors at Emirates NBD will be the newest group to sample the Sheikh Ahmed managerial style.

"He will assess them to make sure the right people are in place, but then he will give them their freedom. But he'll always be there to oversee strategy and give guidance," says the friend.

In the Dubai International Financial Centre (DIFC), there was much speculation that Sheikh Ahmed's appointment could provide increased stimulus to the round of consolidation that has been long forecast in the financial sector.

Certainly, the Ruler seems to be taking a closer interest in the emirate's banking sector. On the day that Sheikh Ahmed took over the top job at Emirates NBD, another member of the family, Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, was made chairman of Noor Islamic Bank.

A few weeks ago, another rising family star, Sheikh Maktoum Hasher Al Maktoum, became chairman of Shuaa Capital, the country's oldest indigenous investment bank.

"They are bringing it all back home," says one adviser.

Whatever path Emirates NBD takes under its new chairman, it is unlikely to replace the Emirates aviation and transport conglomerate as his first love. The airline, in particular, is "his baby" according to the friend, and Sheikh Ahmed is justifiably proud of his achievement of building it from scratch in 1985 to become one of the biggest carriers in the world today.

Just recently, Emirates Airline declared a profit of US$1.6 billion (Dh5.87bn) for the financial year ending on March 31, making it one of the most profitable airlines in the world. The International Air Transport Association projects that total profit in the global aviation industry will be only $4bn this year.

"The airline, the duty-free business and the airport, these really are his main interests, and he gets very involved on day-to-day issues. If he were to reduce his commitment to the group, it would be a big gap, but I really don't see that happening," says the friend.

The airline's international exposure and success have been another source of strength for Sheikh Ahmed over the years.

His involvement with Emirates rounded off his education in business and statecraft, after a degree course in political science at the University of Denver in the US, by introducing him to international business methods and standards.

It also increased his standing in the global business community and widened his circle of influential friends there.

Dubai has used his international standing to good effect: when global markets took fright after the restructuring of Dubai World was announced in 2009, Sheikh Ahmed was at the head of the delegation sent by the Ruler to brief global bankers and businessmen on the state of the emirate.

He was the human face of Dubai business, and his missions to London, New York and other financial capitals were designed to show that there was a new team, and new spirit, in place to tackle the emirate's problems.

Along with Mr Al Tayer, who remains governor of the DIFC after stepping down as chairman of Emirates NBD, and Mohammed Al Shaibani, the director general of the Ruler's Court, Sheikh Ahmed has convinced global financial markets that the Dubai recovery strategy is sound.

There is one other essential factor in his power base: the enduring and close familial relationship with his elder nephew, the Ruler.

"They have grown up together as family and friends, but each has a genuine mutual respect for the other, though of course Sheikh Mohammed is the boss, and Sheikh Ahmed calls him that," says the friend.

There appear to be only a couple of small regrets concerning the responsibilities that have been placed on him in the past couple of years.

"He doesn't travel as much as he used to, he's just too busy in Dubai, and the hobbies have suffered," says the friend. "He loves deep-sea fishing, and there isn't much time for that any more."

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

The Melbourne Mercer Global Pension Index

The Melbourne Mercer Global Pension Index

Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.

The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.

“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.

“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”

Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.

Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.

“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.

European arms

Known EU weapons transfers to Ukraine since the war began: Germany 1,000 anti-tank weapons and 500 Stinger surface-to-air missiles. Luxembourg 100 NLAW anti-tank weapons, jeeps and 15 military tents as well as air transport capacity. Belgium 2,000 machine guns, 3,800 tons of fuel. Netherlands 200 Stinger missiles. Poland 100 mortars, 8 drones, Javelin anti-tank weapons, Grot assault rifles, munitions. Slovakia 12,000 pieces of artillery ammunition, 10 million litres of fuel, 2.4 million litres of aviation fuel and 2 Bozena de-mining systems. Estonia Javelin anti-tank weapons.  Latvia Stinger surface to air missiles. Czech Republic machine guns, assault rifles, other light weapons and ammunition worth $8.57 million.

The Voice of Hind Rajab

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Director: Kaouther Ben Hania

Rating: 4/5

Dust and sand storms compared

Sand storm

  • Particle size: Larger, heavier sand grains
  • Visibility: Often dramatic with thick "walls" of sand
  • Duration: Short-lived, typically localised
  • Travel distance: Limited 
  • Source: Open desert areas with strong winds

Dust storm

  • Particle size: Much finer, lightweight particles
  • Visibility: Hazy skies but less intense
  • Duration: Can linger for days
  • Travel distance: Long-range, up to thousands of kilometres
  • Source: Can be carried from distant regions
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New UK refugee system

 

  • A new “core protection” for refugees moving from permanent to a more basic, temporary protection
  • Shortened leave to remain - refugees will receive 30 months instead of five years
  • A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
  • To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
  • Under core protection there will be no automatic right to family reunion
  • Refugees will have a reduced right to public funds