Leo Varadkar is Deputy Prime Minister and Minister for Enterprise, Trade and Employment in the Government of Ireland
November 16, 2021
The pandemic has given us all the opportunity to reflect on the type of society and economy we want after Covid-19. The impact of the virus has been devastating. It has also caused us to question our usual ways of doing things and the future we want to create for the next generation.
For Ireland, the UK’s decision to leave the EU has also had a seismic impact on our economy and society. We have had to adapt accordingly, particularly our agrifood sector, which is recognised globally for its quality, but which has also traditionally had particularly strong trading ties with our nearest neighbour.
As we look to the future, the Gulf, in particular the UAE and the Saudi Arabia, is strategically very important for Ireland. We have already seen significant growth in exports to both countries over the past year, by 12 per cent and 6 per cent respectively. We want this to continue as we create stronger ties between our countries.
Given this objective, I am currently in the UAE as part of a major trade mission, the largest one we have taken this year, signalling the importance of the region for us and the potential we see for the future.
From left to right: John Concannon, director general Global Ireland, Patrick Hennessy, Irish Ambassador to the UAE, Dr Thani Al Zeyoudi, Minister of State for Foreign Trade and Minister in charge of Talent Attraction and Retention, Robert Troy, Ireland's Minister for Trade Promotion, Reem Al Hashimy, Minister of State for International Co-operation and director general of Expo 2020 Dubai, Kevin Sherry, executive director at Enterprise Ireland, and Aidan Cronin, Ambassador to the UAE. Photo: Ireland Expo
The 'Riverdance' cast led by Anna Mai Fitzpatrick and Jason O'Neil, foreground, before a performance at the opening of the Ireland Pavilion at Dubai Expo 2020. Khushnum Bhandari / The National
Robert Troy, Minister for Trade Promotion, at the opening evening of the Ireland Pavilion. Khushnum Bhandari / The National
Reem Al Hashimy, Minister of State for International Co-operation and director general of Expo 2020 Dubai, before a performance of 'Riverdance' at the Ireland Pavilion. Photo: Expo 2020 Dubai
'Riverdance' performance at the Ireland Pavilion, Expo 2020 Dubai. Photo: Expo 2020 Dubai
Lead dancers Anna Mai Fitzpatrick and Jason O'Neil during the 'Riverdance' performance at the Ireland Pavilion, Expo 2020 Dubai. Photo: Expo 2020 Dubai
The 'Riverdance' troupe at the opening evening of the Ireland Pavilion during the first week at Expo. Khushnum Bhandari / The National
Coinciding with my visit is another important event, the Dubai Airshow, the only global aviation and aerospace event held this year. Through our Irish Aviation House, which will have a bigger presence at the show than in previous years, we are convening several senior airline executives from the region and Africa to discuss how Ireland can support their recovery effort. The sector, one of the most disrupted by the pandemic, is focused on recovery and this event comes at a crucial time as it focuses on restoring confidence among passengers looking to return to the skies.
Ireland is a world leader in aerospace and aviation. Today, our country commands around 60 per cent of the global leasing market, with more than 50 aircraft leasing companies present on the island, including 14 of the world’s top 15 lessors. Every time you look up and see a plane overhead, there is a good chance it has been leased out of Ireland. Irish companies are creating specialist solutions for the industry in the Gulf region and indeed globally, helping drive growth, efficiency and revenue through innovation and ingenuity. In Saudi Arabia, the Irish company DAA International, which has operated Terminal Five of King Khalid International Airport since 2016, has recently been awarded a prestigious contract to operate the new Red Sea International Airport.
Indeed, as part of my trip to the region I also visited Saudi Arabia and saw for myself the pace of change that is under way. Irish companies in a range of sectors are looking to do business in the kingdom and contribute to the ambition of its Vision 2030 strategic framework. Many are already working with businesses based here, from food production and fintech, to health care and the equine sector. Ireland is known for the racehorses and sport horses we produce and I particularly enjoyed my visit to the Jockey Club in Riyadh, where a number of Irish companies joined me at an event held to explore ways for greater collaboration.
Ireland's cricket team were in the UAE last month playing in the T20 World Cup. AP
This collaboration comes in the form of Irish companies such as Equine MediRecord who are helping to provide the international integrity for the Grade 1 Saudi Cup on the elite worldwide circuit for horse racing. Equine MediRecord’s platform allows for the full veterinary history of the horse to be recorded securely, ensuring the best possible horse welfare as well as aiding crucial anti-doping procedures. Extensive anti-doping and animal welfare measures have been brought in for the Saudi Cup 2022, and Equine Medirecord’s system ensures entrants, trainers and vets have a system in place to comply with such measures, while simultaneously collecting the data digitally.
I hope this trade mission demonstrates Ireland’s intent to strengthen trade ties with countries in the Gulf region and highlights the opportunities that exist in doing so. Irish companies have the expertise, commitment and creativity to help bring the future ambitions of the Gulf states to life and I look forward to a future of closer collaboration between our countries.
Leo Varadkar is Deputy Prime Minister and Minister for Enterprise, Trade and Employment in the Government of Ireland
Smart words at Make Smart Cool
Make Smart Cool is not your usual festival. Dubbed “edutainment” by organisers Najahi Events, Make Smart Cool aims to inspire its youthful target audience through a mix of interactive presentation by social media influencers and a concert finale featuring Example with DJ Wire. Here are some of the speakers sharing their inspiration and experiences on the night. Prince Ea
With his social media videos accumulating more half a billion views, the American motivational speaker is hot on the college circuit in the US, with talks that focus on the many ways to generate passion and motivation when it comes to learning. Khalid Al Ameri
The Emirati columnist and presenter is much loved by local youth, with writings and presentations about education, entrepreneurship and family balance. His lectures on career and personal development are sought after by the education and business sector. Ben Ouattara
Born to an Ivorian father and German mother, the Dubai-based fitness instructor and motivational speaker is all about conquering fears and insecurities. His talk focuses on the need to gain emotional and physical fitness when facing life’s challenges. As well managing his film production company, Ouattara is one of the official ambassadors of Dubai Expo2020.
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Founder: Smeetha Ghosh, one co-founder (anonymous)
Launch year: 2020
Employees: four – plans to add another 10 by July 2021
Financing stage: $250,000 bootstrap funding, approaching VC firms this year
Investors: Co-founders
Major honours
ARSENAL
FA Cup - 2005
BARCELONA
La Liga - 2013
Copa del Rey - 2012
Fifa Club World Cup - 2011
CHELSEA
Premier League - 2015, 2017
FA Cup - 2018
League Cup - 2015
SPAIN
World Cup - 2010
European Championship - 2008, 2012
Her most famous song
Aghadan Alqak (Would I Ever Find You Again)?
Would I ever find you again
You, the heaven of my love, my yearning and madness;
You, the kiss to my soul, my cheer and
sadness?
Would your lights ever break the night of my eyes again?
Would I ever find you again?
This world is volume and you're the notion,
This world is night and you're the lifetime,
This world is eyes and you're the vision,
This world is sky and you're the moon time,
Have mercy on the heart that belongs to you.
Lyrics: Al Hadi Adam; Composer: Mohammed Abdel Wahab
Tottenham's 10 biggest transfers (according to transfermarkt.com):
1). Moussa Sissokho - Newcastle United - £30 million (Dh143m): Flop
2). Roberto Soldado - Valencia - £25m: Flop
3). Erik Lamela - Roma - £25m: Jury still out
4). Son Heung-min - Bayer Leverkusen - £25m: Success
5). Darren Bent - Charlton Athletic - £21m: Flop
6). Vincent Janssen - AZ Alkmaar - £18m: Flop
7). David Bentley - Blackburn Rovers - £18m: Flop
8). Luka Modric - Dynamo Zagreb - £17m: Success
9). Paulinho - Corinthians - £16m: Flop
10). Mousa Dembele - Fulham - £16m: Success
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
'Downton Abbey: A New Era'
Director: Simon Curtis
Cast: Hugh Bonneville, Elizabeth McGovern, Maggie Smith, Michelle Dockery, Laura Carmichael, Jim Carter and Phyllis Logan
Rating: 4/5
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.”
Sole survivors
Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
US households add $601bn of debt in 2019
American households borrowed another $601 billion (Dh2.2bn) in 2019, the largest yearly gain since 2007, just before the global financial crisis, according to February data from the New York Federal Reserve Bank.
Fuelled by rising mortgage debt as homebuyers continued to take advantage of low interest rates, the increase last year brought total household debt to a record high, surpassing the previous peak reached in 2008 just before the market crash, according to the report.
Following the 22nd straight quarter of growth, American household debt swelled to $14.15 trillion by the end of 2019, the New York Fed said in its quarterly report.
In the final three months of the year, new home loans jumped to their highest volume since the fourth quarter of 2005, while credit cards and auto loans also added to the increase.
The bad debt load is taking its toll on some households, and the New York Fed warned that more and more credit card borrowers — particularly young people — were falling behind on their payments.
"Younger borrowers, who are disproportionately likely to have credit cards and student loans as their primary form of debt, struggle more than others with on-time repayment," New York Fed researchers said.
