Khalfan Belhoul, CEO of the Dubai Future Foundation, delivering his keynote speech at the third edition of the Dubai Future Forum at the Museum of the Future. Photo: Dubai Future Foundation.
Khalfan Belhoul, CEO of the Dubai Future Foundation, delivering his keynote speech at the third edition of the Dubai Future Forum at the Museum of the Future. Photo: Dubai Future Foundation.
Khalfan Belhoul, CEO of the Dubai Future Foundation, delivering his keynote speech at the third edition of the Dubai Future Forum at the Museum of the Future. Photo: Dubai Future Foundation.
Khalfan Belhoul, CEO of the Dubai Future Foundation, delivering his keynote speech at the third edition of the Dubai Future Forum at the Museum of the Future. Photo: Dubai Future Foundation.

Dubai Future Foundation chief unveils predictions for 2025


Dana Alomar
  • English
  • Arabic

The world is on the cusp of a series of firsts that will redefine the future across several domains, from measuring economic progress to the rise of AI-driven leadership, Khalfan Belhoul, chief executive of the Dubai Future Foundation, has said.

Addressing more than 2,500 futurists, thought leaders and experts from about 100 countries at the 2024 Dubai Future Forum, Mr Belhoul outlined the rapid technological and societal shifts poised to transform industries worldwide.

Khalfan Belhoul, chief executive of the Dubai Future Foundation, delivered his keynote speech at the third edition of the Dubai Future Forum. Photo: Dubai Future Foundation.
Khalfan Belhoul, chief executive of the Dubai Future Foundation, delivered his keynote speech at the third edition of the Dubai Future Forum. Photo: Dubai Future Foundation.

In his speech at Dubai's Museum of the Future on Tuesday, Mr Belhoul emphasised that the coming year will not bring mere incremental change but will usher in ground-breaking developments that will alter the course of history.

"We live in extraordinary times," he told the packed auditorium. "What we're about to see in the next 12 months isn't just change, it's a series of era-defining moments."

During his speech, Mr Belhoul outlined seven potential achievements that the world could witness in the months ahead, highlighting transformative developments across a number of sectors.

One of the major changes he spoke about was future of measurement in terms of economic prosperity.

Traditionally, GDP has been the standard for assessing a country's success but Mr Belhoul pointed out that this measurement is becoming increasingly obsolete.

He highlighted the UN move to incorporate environmental and well-being indicators into GDP calculations, signalling a shift towards a more holistic view of national progress. "What will the world look like if GDP is no longer the main indicator of growth?" he asked.

Space exploration was another topic, with the Dubai Future Foundation chief executive sharing his excitement about humanity's potential return to the Moon.

He discussed Nasa's 2025 lunar mission, which the space agency says will have astronauts orbit the Moon for the first time in more than 50 years.

"The Moon is a constant reminder for us here in the UAE – and for our own ambitious space programme – to dream bigger and reach higher," he said.

Mr Belhoul also discussed the growing role of artificial intelligence in leadership, suggesting the next major shift could be the appointment of an AI-generated board member of a Fortune 500 company. "Can AI possess vision and purpose, or will it simply optimise for efficiency?" he said.

The Neuralink disk implant held by Elon Musk during a presentation in 2020. AFP
The Neuralink disk implant held by Elon Musk during a presentation in 2020. AFP

He also touched upon potential medical breakthroughs, mentioning Elon Musk's Neuralink, which has already made waves with its brain-computer interface technology that has been tested on a 29-year-old quadriplegic, allowing the man to play chess on a computer using his mind.

Mr Belhoul's speech also mentioned the growing promise of personalised health care, driven by the expansion of genome banks. He said one of the world's largest genome banks would soon surpass one million samples, potentially revolutionising health care by enabling earlier disease prevention and personalised treatment plans.

"This milestone would not just be a scientific achievement, it would be a gateway to reshaping our approach to health, identity and human potential," he said.

The chief executive stressed that the technological revolution – driven by AI, renewable energy and healthcare advances – will challenge industries to evolve or face obsolescence.

'Saand Ki Aankh'

Produced by: Reliance Entertainment with Chalk and Cheese Films
Director: Tushar Hiranandani
Cast: Taapsee Pannu, Bhumi Pednekar, Prakash Jha, Vineet Singh
Rating: 3.5/5 stars

SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20S23%20ULTRA
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Key changes

Commission caps

For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:

• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term). 

• On the protection component, there is a cap  of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).

• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated. 

• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.

• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.

Disclosure

Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.

“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”

Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.

Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.

“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.

Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.

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%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Niki%20Caro%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Jennifer%20Lopez%2C%20Joseph%20Fiennes%2C%20Gael%20Garcia%20Bernal%2C%20Omari%20Hardwick%20and%20Lucy%20Paez%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
57%20Seconds
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Rusty%20Cundieff%0D%3Cbr%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EJosh%20Hutcherson%2C%20Morgan%20Freeman%2C%20Greg%20Germann%2C%20Lovie%20Simone%0D%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2%2F5%0D%3Cbr%3E%0D%3Cbr%3E%3C%2Fp%3E%0A
Panipat

Director Ashutosh Gowariker

Produced Ashutosh Gowariker, Rohit Shelatkar, Reliance Entertainment

Cast Arjun Kapoor, Sanjay Dutt, Kriti Sanon, Mohnish Behl, Padmini Kolhapure, Zeenat Aman

Rating 3 /stars

Need to know

Unlike other mobile wallets and payment apps, a unique feature of eWallet is that there is no need to have a bank account, credit or debit card to do digital payments.

Customers only need a valid Emirates ID and a working UAE mobile number to register for eWallet account.

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Herc's Adventures

Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5

How to get there

Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
 

The specs: 2018 Dodge Durango SRT

Price, base / as tested: Dh259,000

Engine: 6.4-litre V8

Power: 475hp @ 6,000rpm

Torque: 640Nm @ 4,300rpm

Transmission: Eight-speed automatic

Fuel consumption, combined: 7.7L / 100km

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

FA Cup fifth round draw

Sheffield Wednesday v Manchester City
Reading/Cardiff City v Sheffield United
Chelsea v Shrewsbury Town/Liverpool
West Bromwich Albion v Newcastle United/Oxford United
Leicester City v Coventry City/Birmingham City
Northampton Town/Derby County v Manchester United
Southampton/Tottenham Hotspur v Norwich City
Portsmouth v Arsenal 

Kamindu Mendis bio

Full name: Pasqual Handi Kamindu Dilanka Mendis

Born: September 30, 1998

Age: 20 years and 26 days

Nationality: Sri Lankan

Major teams Sri Lanka's Under 19 team

Batting style: Left-hander

Bowling style: Right-arm off-spin and slow left-arm orthodox (that's right!)

Updated: November 19, 2024, 11:55 AM