The UAE is setting out its stall as a global hub for business, entrepreneurship and culture, as a major delegation arrived at the World Economic Forum in Davos on Monday.
Sheikha Latifa bint Mohammed, chairwoman of Dubai Culture, is leading more than 100 figures from the worlds of business and government. The Emirates sees the meeting of dozens of heads of state and thousands of decision makers and business leaders as a major opportunity for international collaboration.
The main theme of this year's forum is collaboration in the intelligent age. Ahead of the event, WEF leaders warned that too many governments were becoming more insular and raising barriers that will affect fields such as trade, as well as efforts to tackle global challenges.
Mohammed Al Gergawi, Minister of Cabinet Affairs, said the UAE would highlight its role as a "vital international partner in advancing comprehensive and sustainable development for all nations and communities".
"This engagement aims to foster comprehensive and sustainable development by sharing successful national experiences, building fruitful international partnerships, and leveraging global expertise," Mr Al Gergawi said.
For a third year, the UAE pavilion, placed prominently on the main promenade in central Davos and welcoming guests with its renowned hospitality, has the theme "Nothing is Impossible".
Among the most prominent business leaders attending is Khaldoon Al Mubarak, managing director and chief executive of Mubadala Investment Company.
He will speak in a panel on Tuesday about the global economic challenges facing many countries who have struggled since the pandemic.
Badr Jafar, the UAE's Special Envoy for Business and Philanthropy and chief executive of Crescent Enterprises, will also speak in a session about private sector opportunities in the world of aid and development.
"As we convene at Davos under the theme 'Collaboration for the Intelligent Age,' the UAE stands as a global champion of the multi-stakeholder approach," said Mr Jafar.
"By fostering innovation, championing inclusivity, and driving sustainable solutions, the UAE exemplifies how a whole-of-society ethos can address global challenges and actively shape the agenda for a more intelligent and sustainable future."
The UAE has experienced a boom in new businesses setting up in the country and a surge in population, while it has also welcomed thousands of high-net-worth individuals in the past year.
The inauguration of Donald Trump as US president, the wars in Ukraine and the Middle East, and how artificial intelligence will affect our lives are key themes that will run through the event this week.
UAE currency: the story behind the money in your pockets
GAC GS8 Specs
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Power: 248hp at 5,200rpm
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Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
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The biog
Name: Abeer Al Shahi
Emirate: Sharjah – Khor Fakkan
Education: Master’s degree in special education, preparing for a PhD in philosophy.
Favourite activities: Bungee jumping
Favourite quote: “My people and I will not settle for anything less than first place” – Sheikh Mohammed bin Rashid.
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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
'The Sky is Everywhere'
Director:Josephine Decker
Stars:Grace Kaufman, Pico Alexander, Jacques Colimon
Rating:2/5
The specs: 2019 BMW X4
Price, base / as tested: Dh276,675 / Dh346,800
Engine: 3.0-litre turbocharged in-line six-cylinder
Transmission: Eight-speed automatic
Power: 354hp @ 5,500rpm
Torque: 500Nm @ 1,550rpm
Fuel economy, combined: 9.0L / 100km
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Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
Ultra processed foods
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;
- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,
- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.
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The specs
Engine: Two permanent-magnet synchronous AC motors
Transmission: two-speed
Power: 671hp
Torque: 849Nm
Range: 456km
Price: from Dh437,900
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SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now