Global leaders from the worlds of business, politics and economics are descending on the small Alpine town of Davos in Switzerland for the annual meeting of the World Economic Forum (WEF).
The key buzzwords in their heads are "resilient dynamism", which is this year's broad theme within the context of the WEF's overall mission: "committed to improving the state of the world".
Klaus Schwab, the Swiss professor who founded the WEF in 1971, says: "We live in the most complex, interdependent and interconnected era in human history. We are increasingly confronted by major adaptive challenges as well as profound transformational opportunities. This new leadership context requires successful organisations to master strategic agility and to build risk resilience."
How to construct institutions that will minimise the risk facing the world will be the subject of debate among political leaders such as Dmitry Medvedev, the Russian prime minister who will formally open the forum this week.
He will be in the company of global heavyweights such as the European Central Bank president Mario Draghi. Also scheduled to be present at the opening debate are Christine Lagarde, the managing director of the IMF, and Axel Weber, the head of the Swiss banking giant UBS. Some 50 heads of government will attend the forum, including the German chancellor Angela Merkel and the British prime minister David Cameron.
Movers and shakers from the world of finance include Lloyd Blankfein, the chief executive of Goldman Sachs, Jamie Dimon, the head of JPMorgan Chase, and Ashu Jain, the joint chief executive of Deutsche Bank.
Veteran WEF-goers such as Bill Gates, the Microsoft billionaire, and Henry Kissinger, the former US state secretary, will also be speaking at the forum.
There will be a strong contingent from the Middle East and Arabian Gulf. A top level delegation from the UAE is believed to be attending, including Ahmad Abdulkarim Julfar, the chief executive of the telecoms giant Etisalat.
On the opening day the forum will seek to answer the question: "What challenges and transformations are driving regional dynamics in the Arab World?" while there are later discussions on the economics of the Arab world and the future of Syria.
Lee Howell, the managing director of content at the forum, told The National: "At multiple levels, the Middle East is so important. For its trade and capital flows, of course, but there are always significant global implications from developments in the region. The Middle East punches above its weight in all kinds of sectors that are of keen interest to the WEF, such as energy, food security, geopolitics and communications."
"On societal and social issues, the Middle East really is part of the global conversation. There are a couple of big stories where the region is at the forefront of developments: the evolution of mobile and internet technology, and how this affects society; and the great debate about demography that's taking place all round the world.
"With so many young people in the Middle East, the nexus between education, employment and entrepreneurship is fundamental, and the world will be watching the Middle East to see how it handles that situation."
The Middle East also figures high on the WEF's risk assessments on certain criteria, says Mr Howell.
"If I could just highlight three areas, the first would be the risk of global governance failure affecting the region. In the peace process, in Syria and on the Iranian nuclear situation global institutions, like the United Nations, have underperformed in the Middle East.
"The second concern relating to the Middle East is in the geo-economic sphere, and especially in the growth of income inequality, which is especially troubling for young people," he says.
"And thirdly there is an environmental risk relating to water security and supply that is of vital concern to the region."
fkane@thenational.ae
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
UAE tour of the Netherlands
UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed
Fixtures: Monday, first 50-over match; Wednesday, second 50-over match; Thursday, third 50-over match
A list of the animal rescue organisations in the UAE
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Honeymoonish
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The biogs
Name: Zinah Madi
Occupation: Co-founder of Dots and links
Nationality: Syrian
Family: Married, Mother of Tala, 18, Sharif, 14, Kareem, 2
Favourite Quote: “There is only one way to succeed in anything, and that is to give it everything.”
Name: Razan Nabulsi
Occupation: Co-founder of Dots and Links
Nationality: Jordanian
Family: Married, Mother of Yahya, 3.5
Favourite Quote: A Chinese proverb that says: “Be not afraid of moving slowly, be afraid only of standing still.”
Indika
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US households add $601bn of debt in 2019
American households borrowed another $601 billion (Dh2.2bn) in 2019, the largest yearly gain since 2007, just before the global financial crisis, according to February data from the New York Federal Reserve Bank.
Fuelled by rising mortgage debt as homebuyers continued to take advantage of low interest rates, the increase last year brought total household debt to a record high, surpassing the previous peak reached in 2008 just before the market crash, according to the report.
Following the 22nd straight quarter of growth, American household debt swelled to $14.15 trillion by the end of 2019, the New York Fed said in its quarterly report.
In the final three months of the year, new home loans jumped to their highest volume since the fourth quarter of 2005, while credit cards and auto loans also added to the increase.
The bad debt load is taking its toll on some households, and the New York Fed warned that more and more credit card borrowers — particularly young people — were falling behind on their payments.
"Younger borrowers, who are disproportionately likely to have credit cards and student loans as their primary form of debt, struggle more than others with on-time repayment," New York Fed researchers said.
Small Victories: The True Story of Faith No More by Adrian Harte
Jawbone Press
Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
Types of bank fraud
1) Phishing
Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
2) Smishing
The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
3) Vishing
The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
4) SIM swap
Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
5) Identity theft
Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
6) Prize scams
Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
GAC GS8 Specs
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Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
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Tamkeen's offering
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