Mohammed Alardhi is the executive chairman of Investcorp, chairman of Muscat Stock Exchange MSX and chairman of Royal Jet
December 30, 2021
“Do not judge me by my success. Judge me by how many times I fell down and got back up again.” Those are the wise words of Nelson Mandela, former South African president and luminary, whose legacy is celebrated to this day.
Mandela’s words are universally relevant in a world that has collectively experienced sizeable losses due to the Covid-19 outbreak, but also came together in many ways to adjust and respond to the changes.
Given the severity of the setbacks that have affected the various systems serving our society, it is important to understand that recovery will be an ongoing process. But we must remain committed to progress and not lose sight of our long-term goals.
The GCC has fared well in terms of pandemic response and is on the way to recovery. The International Monetary Fund (IMF) has forecasted that the region will return to a fiscal balance by 2023, for the first time since 2014.
While this is promising, we need to remind ourselves of the journey that has led us to this juncture, learn from the challenges we have faced and strategically plan for the future.
Countries of the GCC have come a long way in the past few decades. For example, Oman has gone from being an underdeveloped country to a fast-developing one, and taken the lead in foreign affairs, promoting peace, harmony and friendship among countries.
The region has evolved from a relatively unknown territory to a gateway between East and West, a prominent host of international events and a driver of progress in myriad areas – from tourism to real estate and technology.
In addition to investments from our governments and the private sector, I attribute this headway to Arab youth. Our young people have persevered and made great strides in higher education, business and science, and used their abilities for the benefit of society.
Not too long ago, our region was almost completely reliant on oil. However, I have always felt that our youth is our greatest asset and the key to a stable and prosperous future.
While much has been done in the way of diversification, the next natural step towards a brighter tomorrow involves closer engagement with youth, including the launch of a set of programmes that harness young talent and empower the young generation to lead our region throughout the coming decades.
A continued focus on private sector growth is also essential. Therefore, I call on all financial institutions in the region to commit to supporting young entrepreneurs. Small and medium-sized enterprises (SMEs) are the backbone of any economy and have been significantly affected by the pandemic.
SMEs have had access to finances and workshops in the region. However, we must re-examine their needs in the current fast-evolving environment. Organisations that have the means to support SMEs can interact more closely with entrepreneurs and industry professionals to tailor financing and mentorship programs to their requirements, and allow them to set up and expand their businesses as seamlessly as possible.
The diversification of opportunities in the private sector has been one of the region's successes. Getty
While much has been done in the way of diversification, the next natural step towards a brighter tomorrow involves closer engagement with youth
While education in the region, particularly higher education, has grown over the past decades, we must also explore alternatives to formal education.
The world around us is getting increasingly integrated, and given the fast pace at which technology is evolving and affecting people's lives and and the functioning of organisations, we need to adopt a holistic view towards economic development and work to prepare our young generation for the future.
Continuing education programmes, offered by various institutions, are an excellent option for youth looking to gain skills and knowledge but requiring flexibility due to ongoing work and family commitments.
These programmes can enable aspiring and mid-level professionals to broaden their perspectives and look beyond the perceived limits of their professions, inspiring creativity and flexibility. They are also an ideal choice for women who have stepped away from the workplace to care for their families, especially with the wide variety of online courses that offer easier accessibility, rather than courses that require physical attendance.
Furthermore, continuing education programmes are an excellent option for employers looking to keep their employees engaged and up to date with global trends within their fields, or equip them with knowledge in areas that will support their roles.
The fallout from the pandemic cannot be discounted. But we need to keep our eye on the prize. Global shifts in these past two years have reminded people around the world how important it is for society to function in harmony, an idea that has been a part of Arab tradition and one of our region’s greatest strengths.
Education has always been a key driver of growth. We have talented and highly engaged youth. But we must consider the pace at which the world is changing and support lifelong learning in order to prepare for the future and leverage our strengths to seize the opportunities that may arise.
The specs
Engine: 1.6-litre 4-cyl turbo and dual electric motors
Power: 300hp at 6,000rpm
Torque: 520Nm at 1,500-3,000rpm
Transmission: 8-speed auto
Fuel consumption: 8.0L/100km
Price: from Dh199,900
On sale: now
The specs: 2018 Maserati GranTurismo/GranCabrio
Price, base Dh485,000 (GranTurismo) and Dh575,000 (GranCabrio)
Engine 4.7L V8
Transmission Six-speed automatic
Power 460hp @ 7,000rpm
Torque 520Nm @ 4,750rpm
Fuel economy, combined 14.3L (GranTurismo) and 14.5L (GranCabrio) / 100km
Virtual banks explained
What is a virtual bank?
The Hong Kong Monetary Authority defines it as a bank that delivers services through the internet or other electronic channels instead of physical branches. That means not only facilitating payments but accepting deposits and making loans, just like traditional ones. Other terms used interchangeably include digital or digital-only banks or neobanks. By contrast, so-called digital wallets or e-wallets such as Apple Pay, PayPal or Google Pay usually serve as intermediaries between a consumer’s traditional account or credit card and a merchant, usually via a smartphone or computer.
What’s the draw in Asia?
Hundreds of millions of people under-served by traditional institutions, for one thing. In China, India and elsewhere, digital wallets such as Alipay, WeChat Pay and Paytm have already become ubiquitous, offering millions of people an easy way to store and spend their money via mobile phone. Indonesia, Vietnam and the Philippines are also among the world’s biggest under-banked countries; together they have almost half a billion people.
Is Hong Kong short of banks?
No, but the city is among the most cash-reliant major economies, leaving room for newcomers to disrupt the entrenched industry. Ant Financial, an Alibaba Group Holding affiliate that runs Alipay and MYBank, and Tencent Holdings, the company behind WeBank and WeChat Pay, are among the owners of the eight ventures licensed to create virtual banks in Hong Kong, with operations expected to start as early as the end of the year.
Born in Dibba, Sharjah in 1972.
He is the eldest among 11 brothers and sisters.
He was educated in Sharjah schools and is a graduate of UAE University in Al Ain.
He has written poetry for 30 years and has had work published in local newspapers.
He likes all kinds of adventure movies that relate to his work.
His dream is a safe and preserved environment for all humankind.
His favourite book is The Quran, and 'Maze of Innovation and Creativity', written by his brother.
25-MAN SQUAD
Goalkeepers: Francis Uzoho, Ikechukwu Ezenwa, Daniel Akpeyi Defenders: Olaoluwa Aina, Abdullahi Shehu, Chidozie Awaziem, William Ekong, Leon Balogun, Kenneth Omeruo, Jamilu Collins, Semi Ajayi Midfielders: John Obi Mikel, Wilfred Ndidi, Oghenekaro Etebo, John Ogu Forwards: Ahmed Musa, Victor Osimhen, Moses Simon, Henry Onyekuru, Odion Ighalo, Alexander Iwobi, Samuel Kalu, Paul Onuachu, Kelechi Iheanacho, Samuel Chukwueze
On Standby: Theophilus Afelokhai, Bryan Idowu, Ikouwem Utin, Mikel Agu, Junior Ajayi, Valentine Ozornwafor
Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.
The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.
1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):
a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33
b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.
2. For those who have worked more than five years
c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.
Note: The maximum figure cannot exceed two years total salary figure.
