DEAD SEA// Unemployment is a “disease” that affects the Middle East more than other regions, says Maurice Levy, the head of the global advertising agency Publicis, and it is one “for which we absolutely need help in finding jobs and finding solutions at a level which has never been seen before”.
Speaking at the World Economic Forum on the Middle East and North Africa’s event, held at the Dead Sea in Jordan, Mr Levy said the region was not lacking in talent, entrepreneurs or ideas.
“Where we are short in the region is enabling these start-ups to really take-off and develop in an environment which is favourable for growth.”
Majid Jafar, the chief executive of the Sharjah-based Crescent Petroleum, said the forum’s regional business council, representing 40 leading companies from across the region, has been working on tackling youth unemployment “from the bottom up” through skills programmes.
Over the past two years, these businesses have helped to upskill more than 100,000 young people, he said, and is heading towards 200,000 people while seeking 500,000 next year.
He said that top-down reforms were also required from regional governments. “Not just the long-term things – education reform and legal reform, which take a long time – but easier immediate things. Making it easier to register a company, contract management and dispute resolutions … Things like bankruptcy laws, which Jordan has initiated.”
Dominic Barton, the global managing partner of McKinsey & Co, said: “In this region, we produce about 1/30th of the number of innovators that we see in other parts of the world. It’s not about the talent. At McKinsey, this region is a major source of talent for us, globally.”
He said he was looking to find out what needs to be done to foster entrepreneurship.
Arif Naqvi, the chief executive of the Dubai-based financier Abraaj Group, warned against lumping the Mena region together as one entity, pointing out that Casablanca is closer to New York than Dubai. He said just six cities – Casablanca, Tunis, Cairo, Abu Dhabi, Dubai and Riyadh – generate close to half of the Mena region’s GDP.
“It is a region that needs to operate more like an economic bloc, a trading bloc, rather than a political bloc.” He also said that greater investment is needed in infrastructure – including soft infrastructure such as education and health care. He also urged for a greater role for the private sector in providing this.
“Governments in the past in this region have been all-pervasive … that being de-regulated at different paces.
“I think what we are on the edge of us a tangible change … which is, that young populations are giving rise to a wave of entrepreneurship, which in turn is going to lead to an unleashing of innovation. The disruption which is being caused by new businesses and young entrepreneurs is now virtually unstoppable.”
mfahy@thenational.ae
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COMPANY PROFILE
Name: Rain Management
Year started: 2017
Based: Bahrain
Employees: 100-120
Amount raised: $2.5m from BitMex Ventures and Blockwater. Another $6m raised from MEVP, Coinbase, Vision Ventures, CMT, Jimco and DIFC Fintech Fund
Dr Amal Khalid Alias revealed a recent case of a woman with daughters, who specifically wanted a boy.
A semen analysis of the father showed abnormal sperm so the couple required IVF.
Out of 21 eggs collected, six were unused leaving 15 suitable for IVF.
A specific procedure was used, called intracytoplasmic sperm injection where a single sperm cell is inserted into the egg.
On day three of the process, 14 embryos were biopsied for gender selection.
The next day, a pre-implantation genetic report revealed four normal male embryos, three female and seven abnormal samples.
Day five of the treatment saw two male embryos transferred to the patient.
The woman recorded a positive pregnancy test two weeks later.
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What is Diwali?
The Hindu festival is at once a celebration of the autumn harvest and the triumph of good over evil, as outlined in the Ramayana.
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In its current iteration, Diwali is celebrated with a puja to welcome the goodness of prosperity Lakshmi (an incarnation of Sita) into the home, which is decorated with diyas (oil lamps) or fairy lights and rangoli designs with coloured powder. Fireworks light up the sky in some parts of the word, and sweetmeats are made (or bought) by most households. It is customary to get new clothes stitched, and visit friends and family to exchange gifts and greetings.
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Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
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THE BIO
Favourite book: ‘Purpose Driven Life’ by Rick Warren
Favourite travel destination: Switzerland
Hobbies: Travelling and following motivational speeches and speakers
Favourite place in UAE: Dubai Museum
