In the midst of the phenomenal economic and industrial disruptions and development that the world has witnessed in recent years, more and more people have been reflecting on how we might translate the progress and prosperity we have achieved into greater human happiness.
Polymaths such as Aristotle pointed out millennia ago that to reap the full benefit of material gain, we should harness it to promote social justice, harmony and happiness.
This explains why the UAE has put the mental well-being of its peoples at the heart of its development strategy, having instituted a happiness index to measure individual satisfaction levels more accurately, and a National Programme for Happiness to promote the virtues of a positive lifestyle in the community.
To ensure that we continue to flourish as a nation, we will need to create a more inclusive society through innovative initiatives
The UAE’s performance in this respect has achieved a global profile through the World Happiness Report 2020, where the country maintained its lead in the Arab world for the sixth consecutive year, as well as an advanced position worldwide that surpassing many developed countries and economies.
To take other examples, the reason for Finland’s prosperity is similar to the UAE’s, as is evident from the report where it ranked first for the third consecutive year.
Likewise, the Himalayan kingdom of Bhutan lays a similar emphasis on the happiness quotient, promoting Gross National Happiness over Gross Domestic Product and productivity. By adopting this philosophy, Bhutan has considerably improved its economic, environmental, social and governance rankings over the past four decades.
Nevertheless, it is an arduous task to translate the Aristotelian idea into reality, especially because of the increasingly complex nature of social challenges. These require out-of-the-box thinking and innovative solutions that can only be developed through engagement and collaborations among individuals, civil society and both private and public entities.
Luckily, we have all the resources we need to leverage partnership to ensure a dignified life for all. This aim requires a systematic and innovative approach in our effort, a realisation that led to the establishment of the Department of Community Development (DCD) in Abu Dhabi in 2018 with a dedicated Social Innovation Division.
That’s not all. In 2019, Ma’an was established with the aim of charting the future policies and principles of societal development at all levels through the amplification of the dialogue between the social innovation and sustainable development communities. By acting as a leader and nexus for public, private and "third" sector-level social enterprise, Ma’an is driving startups, social innovation hubs, accelerators, community organisations, and awareness campaigns to deliver solutions to pressing challenges through five interrelated pillars: the Ma’an Social Incubator (MSI), Social Contracting, Community Engagement, the Social Investment Fund and Outreach Management.
Ever since, the organisation has been working to develop various innovative tools to promote shared values, responsibility and commitment across all segments of society with the aim of creating collaborative communities. One of them is the Social Impact Bond (SIB), an innovative investment model that involves partnerships between the government, social service providers and social investors to close identified gaps in society.
This type of bond is relatively new for the Gulf region and was first introduced in Abu Dhabi in 2020 with the launch of "Atmah", a venture designed to provide education, vocational training and employment support to a cohort of students with cognitive impairments. Atmah was unique in the sense that it was the world’s first SIB to focus on helping people of determination to find employment. Based on proactive private and third sector approaches, this model not only reduced financial risk for the government, but it also enhanced the prospect of success for broader social programmes by virtue of it being a collaborative endeavour.
The success of Atmah underscored the enormous potential of social contracting that has turned Abu Dhabi into a testbed for other innovative and cooperative initiatives, such as the Maker Space and Action for Happiness. While the former is a collaborative initiative designed to bring together innovators, educators, youth, and the elderly in an effort to ensure all-round wellbeing of juveniles and senior citizens, the Maker Space and Action for Happiness is designed to promote an understanding of subjective wellbeing NGO.
In addition, Ma’an’s "Ghaya" financial literacy programme has enabled community members to benefit from a 12-week-long tailored programme that improves financial knowledge and management, explains investment options and decisions, and encourages financial independence and self-confidence. Drawing on financial collaboration with major financial entities such as the Abu Dhabi Global Market, the London Institute of Banking and Finance (LIBF), the Abu Dhabi Social Support Authority, and the UAE Banks Federation, Ghaya offers a personalised experience to meet the needs of Abu Dhabi residents.
The Social Incubator also demonstrates the positive social effects on creating a supportive, creative environment for local entrepreneurs to grow and sustain start-ups that reflect the needs and aspirations of their communities. The MSI's seventh cohort recently graduated having developed a range of innovative applications to address the theme of “Entrepreneurship for Social Good” – in particular, Green Cities and the Circular Economy & Sustainable Transport – with the help of stakeholders, industry leaders and investors
The reason for success of these wide-ranging and creative collaborations is largely due to their success in creating ways for investors to give back to the community and for companies to fulfil their social responsibilities.
To ensure that we continue to flourish as a nation, we will need to create a more inclusive society through innovative initiatives. The success of our endeavour so far gives us hope that we will be able to harness co-operation to establish a model state where the fruits of prosperity are shared equally by all. This is crucial, because the quest for sustainable development is intimately linked with the quest for happiness.
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The specs: 2017 Dodge Ram 1500 Laramie Longhorn
Price, base / as tested: Dhxxx
Engine: 5.7L V8
Transmission: Eight-speed automatic
Power: 395hp @ 5,600rpm
Torque: 556Nm @ 3,950rpm
Fuel economy, combined: 12.7L / 100km
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
UAE currency: the story behind the money in your pockets
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'Spies in Disguise'
Director: Nick Bruno and Troy Quane
Stars: Will Smith, Tom Holland, Karen Gillan and Roshida Jones
Rating: 4 out of 5 stars
UAE WARRIORS RESULTS
Featherweight
Azouz Anwar (EGY) beat Marcelo Pontes (BRA)
TKO round 2
Catchweight 90kg
Moustafa Rashid Nada (KSA) beat Imad Al Howayeck (LEB)
Split points decision
Welterweight
Gimbat Ismailov (RUS) beat Mohammed Al Khatib (JOR)
TKO round 1
Flyweight (women)
Lucie Bertaud (FRA) beat Kelig Pinson (BEL)
Unanimous points decision
Lightweight
Alexandru Chitoran (ROU) beat Regelo Enumerables Jr (PHI)
TKO round 1
Catchweight 100kg
Marc Vleiger (NED) beat Mohamed Ali (EGY)
Rear neck choke round 1
Featherweight
James Bishop (NZ) beat Mark Valerio (PHI)
TKO round 2
Welterweight
Abdelghani Saber (EGY) beat Gerson Carvalho (BRA)
TKO round 1
Middleweight
Bakhtiyar Abbasov (AZE) beat Igor Litoshik (BLR)
Unanimous points decision
Bantamweight
Fabio Mello (BRA) beat Mark Alcoba (PHI)
Unanimous points decision
Welterweight
Ahmed Labban (LEB) v Magomedsultan Magomedsultanov (RUS)
TKO round 1
Bantamweight
Trent Girdham (AUS) beat Jayson Margallo (PHI)
TKO round 3
Lightweight
Usman Nurmagomedov (RUS) beat Roman Golovinov (UKR)
TKO round 1
Middleweight
Tarek Suleiman (SYR) beat Steve Kennedy (AUS)
Submission round 2
Lightweight
Dan Moret (USA) v Anton Kuivanen (FIN)
TKO round 2
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
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.”
MATCH INFO
World Cup qualifier
Thailand 2 (Dangda 26', Panya 51')
UAE 1 (Mabkhout 45 2')
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yallacompare profile
Date of launch: 2014
Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer
Based: Media City, Dubai
Sector: Financial services
Size: 120 employees
Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)
If you go
The flights
There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.
The trip
Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.
The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.
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The specs
Engine: 3.0-litre six-cylinder MHEV
Power: 360bhp
Torque: 500Nm
Transmission: eight-speed automatic
Price: from Dh282,870
On sale: now
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
HER%20FIRST%20PALESTINIAN
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Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
The%20team
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Book%20Details
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Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Where to buy
Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com