If you're a truly dedicated Weffer, the forum can be a very busy time.
Sessions start at 8.30am and run virtually non-stop all day until about 7pm. Even meal-breaks turn into networking events, so you have the experience of trying to talk to somebody important, and remember what they said, while simultaneously balancing a plate of rice and chicken and a glass of juice.
Evenings are given over to networking opportunities at the big hotels away from the conference centre. These are more relaxed events, and sound relationships can be forged there.
There was one Emirati businessman who has in the past turned down all my requests for interviews and coffee meetings in Dubai. But at the evening organised at the Kempinski hotel by the National Bank of Kuwait, we finished the night like old buddies.
Let's see if our newfound friendship survives the trip back to the UAE.
***
The star of the WEF, by consensus, was King Abdullah of Jordan. He spoke at the official opening plenary session, and at a couple of events later, and there was much speculation that he must have had a bit of training over the past couple of years, since the event was last held in Jordan.
I've never heard him speak before, but I must say he was very impressive. The delivery was perfect, without notes or cues that I could see.
He struck me as similar to John Fitzgerald Kennedy in manner, and he even bore a slight resemblance to the late US president in looks and dress.
John Kerry, the US secretary of state, was the other impressive speaker. As you might expect from a man of his experience and gravitas, the speech was serious and professional, but enlivened by an injection of humour at just the right time.
After a long, trenchant criticism of current Israeli policy delivered by Mahmoud Abbas, the president of the Palestinian Authority, Mr Kerry tried to lighten the mood by telling Mr Abbas and Shimon Peres, the Israeli President: "I just happened to have a peace agreement in my pocket and you can both come up and sign it if you want."
***
Jordan has plenty on its mind at the moment with the influx of refugees from the conflict in Syria. Abdullah Ensour, the country's prime minister, said Syrians would soon comprise 20 per cent of the population, or some 1.5 million people.
What is bothering the Jordanians, however, is not the drain these people put on the economy, but the fact that most of them are actually better off than the average Jordanian.
In many cases, they've liquidated their assets in Syria, and are subsidised by the various international bodies working for relief.
They often arrive in Jordan cash-rich and looking to buy businesses, cars and homes, thereby destabilising the local economy and causing a lot of resentment.
The Jordanians have hit back in a series of "car kidnaps" in which a vehicle is stolen from its new Syrian owners and held for ransom.
The Jordanian police seem powerless to intervene.
***
With the hectic schedule at the WEF, I couldn't really take the opportunity to sample any of the facilities at the upmarket resort.
But on the final night, around midnight, I decided I just had to at least have a paddle, so headed down to the shore. It was a moment of sheer distraction: paddling in the salty waters and looking over at the glow of Jerusalem over the hills on the other side of the Dead Sea.
fkane@thenational.ae
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Name: Colm McLoughlin
Country: Galway, Ireland
Job: Executive vice chairman and chief executive of Dubai Duty Free
Favourite golf course: Dubai Creek Golf and Yacht Club
Favourite part of Dubai: Palm Jumeirah
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Mohammed bin Zayed Majlis
Results:
5pm: Handicap (PA) | Dh80,000 | 1,600 metres
Winner: Dasan Da, Saeed Al Mazrooei (jockey), Helal Al Alawi (trainer)
5.30pm: Maiden (PA) | Dh80,000 | 1,600m
Winner: AF Saabah, Tadhg O’Shea, Ernst Oertel
6pm: Handicap (PA) | Dh80,000 | 1,600m
Winner: Mukaram, Pat Cosgrave, Eric Lemartinel
6.30pm: Handicap (PA) | Dh80,000 | 2,200m
Winner: MH Tawag, Richard Mullen, Elise Jeanne
7pm: Wathba Stallions Cup Handicap (PA) | Dh70,000 | 1,400m
Winner: RB Inferno, Fabrice Veron, Ismail Mohammed
7.30pm: Handicap (TB) | Dh100,000 | 1,600m
Winner: Juthoor, Jim Crowley, Erwan Charpy
Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
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The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
The five new places of worship
Church of South Indian Parish
St Andrew's Church Mussaffah branch
St Andrew's Church Al Ain branch
St John's Baptist Church, Ruwais
Church of the Virgin Mary and St Paul the Apostle, Ruwais
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now