q&a The Al Awadhi brothers of Peeta Planet



Can cities in the UAE become innovation labs? Mohammed and Peyman Al Awadhi offer their thoughts on the subject shortly after moderating a panel during the Clinton Global Initiative last week.

What is your take on the UAE as an innovation centre?

Mohammed: Given that there are 150 nationalities living in the UAE, the country has a huge potential to be a hub for innovation in entrepreneurship, in culture, in everything really. Having said that, it's also really young. It's not as established as a New York, a London or a lot of the other countries around the world.

Peyman: Dubai is positioned very well for that to happen. There's obviously a very large percentage of the population that is very young and very well educated, and while obviously the Government provides a lot of opportunities for jobs within the Government, there's also a bigger need for people to get into the other side of the industry – which is entrepreneurship. The Government has a lot of initiatives to support entrepreneurship in Dubai, and that is why you'll see a lot of infrastructure, a lot of entities. There's a lot of money to support entrepreneurs and innovation generally.

How do you take it from that level, whether it’s corporate America or corporate UAE, and get to the social good level?

Peyman: During Ramadan, there are organisations that mobilise and put together care packages for low-income construction workers just to show they're being thought of and cared for. Don't forget as a country we're quite new. There are a lot of other – I wouldn't say priorities above that – but at this stage of development of the country, the infrastructure, things like education, all of that is taking up a large portion of the budget in the UAE. But what's happening is recently there's been a heavy move toward social good entities, whether they're government or private and supported by these government entities.

What’s great is there’s an encouragement from the government to get more UAE nationals involved, because seven to 10 years ago that work was predominantly done by people who were doing it in their home countries, they moved to the UAE and they’re sort of continuing that in the UAE. Now you’ll see that a lot of social initiatives are being done by UAE nationals.

Like what?

Peyman: There's an entity called ThinkUp, and they'll regularly gather Emiratis and do social initiatives – like we have the National Day celebrations on December 2, and usually everybody is in the streets. ThinkUp GCC, the next morning, got lots of UAE nationals and helped the city of Dubai clean up the city. We also have an Emirati national who used to work for the government entity in Dubai and has left that job and is now helping refugees in Zaatari camp in Jordan.

How is that movement going to accelerate?

Mohammed: We make up 15 per cent of the population, and of that 15 per cent what percentage of the population are adults? And what percentage are the entrepreneurial, social good type? We're talking about a fraction of society.

The social good movement is in its infancy, but what I’m seeing happening is that because of the internet and social connectivity, people from Dubai are reaching out to people across the world and they’re collaborating. So the impact of that is not necessarily seen in Dubai or the UAE – it can be seen anywhere in the world. Over the next five or 10 years we’re going to see even more such collaborations, and it’s driven by this social connectivity.

Peyman: The Ruler of Dubai just this Ramadan announced the Suqia [Water Aid] campaign, which is similar to what the guys at Water.org are doing on a smaller scale at this point but something that we want to grow. His initiative raised Dh180 million that went towards providing clean water for five million people. The target was five million people but they overshot that just in one month of Ramadan. You had private money coming in, you had government money coming in, you had individual money coming in – it was great. I see this [sector] growing heavily.

business@thenational.ae

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'Falling for Christmas'

Director: Janeen Damian

Stars: Lindsay Lohan, Chord Overstreet, Jack Wagner, Aliana Lohan

Rating: 1/5

If you go

The flights
Etihad (etihad.com) flies from Abu Dhabi to Luang Prabang via Bangkok, with a return flight from Chiang Rai via Bangkok for about Dh3,000, including taxes. Emirates and Thai Airways cover the same route, also via Bangkok in both directions, from about Dh2,700.
The cruise
The Gypsy by Mekong Kingdoms has two cruising options: a three-night, four-day trip upstream cruise or a two-night, three-day downstream journey, from US$5,940 (Dh21,814), including meals, selected drinks, excursions and transfers.
The hotels
Accommodation is available in Luang Prabang at the Avani, from $290 (Dh1,065) per night, and at Anantara Golden Triangle Elephant Camp and Resort from $1,080 (Dh3,967) per night, including meals, an activity and transfers.

The specs

Engine: Dual synchronous electric motors
Power: 660hp
Torque: 1,100Nm
Transmission: Single-speed automatic
Touring range: 488km-560km
Price: From Dh850,000 (estimate)
On sale: October

EXPATS

Director: Lulu Wang

Stars: Nicole Kidman, Sarayu Blue, Ji-young Yoo, Brian Tee, Jack Huston

Rating: 4/5

The most expensive investment mistake you will ever make

When is the best time to start saving in a pension? The answer is simple – at the earliest possible moment. The first pound, euro, dollar or dirham you invest is the most valuable, as it has so much longer to grow in value. If you start in your twenties, it could be invested for 40 years or more, which means you have decades for compound interest to work its magic.

“You get growth upon growth upon growth, followed by more growth. The earlier you start the process, the more it will all roll up,” says Chris Davies, chartered financial planner at The Fry Group in Dubai.

This table shows how much you would have in your pension at age 65, depending on when you start and how much you pay in (it assumes your investments grow 7 per cent a year after charges and you have no other savings).

Age

$250 a month

$500 a month

$1,000 a month

25

$640,829

$1,281,657

$2,563,315

35

$303,219

$606,439

$1,212,877

45

$131,596

$263,191

$526,382

55

$44,351

$88,702

$177,403

 

Ballon d’Or shortlists

Men

Sadio Mane (Senegal/Liverpool), Sergio Aguero (Aregentina/Manchester City), Frenkie de Jong (Netherlans/Barcelona), Hugo Lloris (France/Tottenham), Dusan Tadic (Serbia/Ajax), Kylian Mbappe (France/PSG), Trent Alexander-Arnold (England/Liverpool), Donny van de Beek (Netherlands/Ajax), Pierre-Emerick Aubameyang (Gabon/Arsenal), Marc-Andre ter Stegen (Germany/Barcelona), Cristiano Ronaldo (Portugal/Juventus), Alisson (Brazil/Liverpool), Matthijs de Ligt (Netherlands/Juventus), Karim Benzema (France/Real Madrid), Georginio Wijnaldum (Netherlands/Liverpool), Virgil van Dijk (Netherlands/Liverpool), Bernardo Silva (Portugal/Manchester City), Son Heung-min (South Korea/Tottenham), Robert Lewandowski (Poland/Bayern Munich), Roberto Firmino (Brazil/Liverpool), Lionel Messi (Argentina/Barcelona), Riyad Mahrez (Algeria/Manchester City), Kevin De Bruyne (Belgium/Manchester City), Kalidou Koulibaly (Senegal/Napoli), Antoine Griezmann (France/Barcelona), Mohamed Salah (Egypt/Liverpool), Eden Hazard (BEL/Real Madrid), Marquinhos (Brazil/Paris-SG), Raheem Sterling (Eengland/Manchester City), Joao Félix(Portugal/Atletico Madrid)

Women

Sam Kerr (Austria/Chelsea), Ellen White (England/Manchester City), Nilla Fischer (Sweden/Linkopings), Amandine Henry (France/Lyon), Lucy Bronze(England/Lyon), Alex Morgan (USA/Orlando Pride), Vivianne Miedema (Netherlands/Arsenal), Dzsenifer Marozsan (Germany/Lyon), Pernille Harder (Denmark/Wolfsburg), Sarah Bouhaddi (France/Lyon), Megan Rapinoe (USA/Reign FC), Lieke Martens (Netherlands/Barcelona), Sari van Veenendal (Netherlands/Atletico Madrid), Wendie Renard (France/Lyon), Rose Lavelle(USA/Washington Spirit), Marta (Brazil/Orlando Pride), Ada Hegerberg (Norway/Lyon), Kosovare Asllani (Sweden/CD Tacon), Sofia Jakobsson (Sweden/CD Tacon), Tobin Heath (USA/Portland Thorns)

 

 

Museum of the Future in numbers
  • 78 metres is the height of the museum
  • 30,000 square metres is its total area
  • 17,000 square metres is the length of the stainless steel facade
  • 14 kilometres is the length of LED lights used on the facade
  • 1,024 individual pieces make up the exterior 
  • 7 floors in all, with one for administrative offices
  • 2,400 diagonally intersecting steel members frame the torus shape
  • 100 species of trees and plants dot the gardens
  • Dh145 is the price of a ticket
Stan Lee

Director: David Gelb

Rating: 3/5

Quick facts on cancer
  • Cancer is the second-leading cause of death worldwide, after cardiovascular diseases 
  • About one in five men and one in six women will develop cancer in their lifetime 
  • By 2040, global cancer cases are on track to reach 30 million 
  • 70 per cent of cancer deaths occur in low and middle-income countries 
  • This rate is expected to increase to 75 per cent by 2030 
  • At least one third of common cancers are preventable 
  • Genetic mutations play a role in 5 per cent to 10 per cent of cancers 
  • Up to 3.7 million lives could be saved annually by implementing the right health
    strategies 
  • The total annual economic cost of cancer is $1.16 trillion

 

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

The specs

Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 7-speed dual-clutch auto
Fuel consumption: 10.5L/100km
On sale: Now
Price: From Dh129,999 (VX Luxury); from Dh149,999 (VX Black Gold)

WHAT IS GRAPHENE?

It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were experimenting with sticky tape and graphite, the material used as lead in pencils.

Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But when they repeated the process many times, the flakes got thinner.

By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment led to graphene being isolated for the very first time.

In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics. 

Our family matters legal consultant

Name: Hassan Mohsen Elhais

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

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

Four tips to secure IoT networks

Mohammed Abukhater, vice president at FireEye in the Middle East, said:

- Keep device software up-to-date. Most come with basic operating system, so users should ensure that they always have the latest version

- Besides a strong password, use two-step authentication. There should be a second log-in step like adding a code sent to your mobile number

- Usually smart devices come with many unnecessary features. Users should lock those features that are not required or used frequently

- Always create a different guest network for visitors

COMPANY PROFILE

Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others

Poacher

Director: Richie Mehta

Starring: Nimisha Sajayan, Roshan Mathew, Dibyendu Bhattacharya

Rating: 3/5

COMPANY PROFILE

Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside

Could We Be More

Artist: Kokoroko
Label: Brownswood Recordings
Rating: 3.5/5

UAE v Zimbabwe A

Results
Match 1 – UAE won by 4 wickets
Match 2 – UAE won by 5 wickets
Match 3 – UAE won by 25 runs
Match 4 – UAE won by 77 runs

Fixture
Match 5, Saturday, 9.30am start, ICC Academy, Dubai

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.