A home continues to burn after the passage of the Palisades Fire in Pacific Palisades, California, on Wednesday. AFP
A home continues to burn after the passage of the Palisades Fire in Pacific Palisades, California, on Wednesday. AFP
A home continues to burn after the passage of the Palisades Fire in Pacific Palisades, California, on Wednesday. AFP
A home continues to burn after the passage of the Palisades Fire in Pacific Palisades, California, on Wednesday. AFP


I was pessimistic about 2025 until I read about 1816 – and now I live in hope


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  • Arabic

January 10, 2025

The first tumultuous forces of the year have already been felt in the West, as extreme winter weather affects transport and travel, and wildfires consume homes and businesses in Los Angeles at an alarming rate.

At the tail end of last year, there was a wave of terrorism in the US and Europe. The wider backdrop includes record deaths from conflict including in Gaza, Sudan, Ukraine and elsewhere. The number of displaced people has exceeded 122 million, according to the UN High Commissioner for Refugees.

Health systems are currently creaking under the strain of a surge in flu cases, and the geopolitical reality is rapidly evolving.

Canada’s political landscape has been rocked by Justin Trudeau’s resignation, bringing to an end a decade as a prominent Prime Minister. The world is also preparing for US president-elect Donald Trump’s inauguration, with policies that he says he will put in place likely to have wide-reaching implications for the dollar, bond markets, global trade and commodity prices. This is not to mention the potential fallout from his stated desire to expand American territory to the north and south.

Meanwhile, Elon Musk and UK Prime Minister Keir Starmer are locked in a very public feud. Chinese-made electric cars are flooding the industry even as we witness a stall in demand. Generally speaking, global trade winds are not blowing with as much force as we need, and economic growth is weaker than we want.

Meta chief executive Mark Zuckerberg has aggressively shifted his stance on in-house fact-checking and content moderation on Facebook and Instagram. That adds to the increased dissemination of content produced using artificial intelligence-powered tools and programs.

Virtual reality seems set to make a comeback, even as crypto and other assets show how far we have come in terms of embracing technology. The lines of our digital experiences are blurring just as quickly as our physical ones.

Where does this leave us in the early days of 2025? All in all, without much in the way of positive vibes.

It feels as though many leading global figures are giving up the idea of a unified fight for a more equitable and prosperous future, and surrendering to what they see as inevitable forces of division and disunity.

In which case, how bad could the year end up being? Would it be comparable to 2020 when the world was hit by the Covid-19 pandemic? What about the years when world wars resulted in horrific losses? Would we be justified in taking such a pessimistic stance? How would the prospect of doom influence our decision-making?

It is true that the signs are ominous, even if it might not become the very worst of calendar years. I have never felt more pessimistic about our prospects for prosperity and well-being. But as often happens when my worldview takes a bitter turn, I delve into history for perspective. Thankfully, I can always find an illuminating benchmark and I take comfort that 2025 will, in all likelihood, not be as bad as 1816.

A painting titled Weymouth Bay by John Constable captures what a dreary world it was in 1816, in the aftermath of a volcanic eruption. Getty
A painting titled Weymouth Bay by John Constable captures what a dreary world it was in 1816, in the aftermath of a volcanic eruption. Getty

It was known as the “Year Without a Summer” in the northern hemisphere after a volcanic eruption in Indonesia in 1815 triggered the largest explosion of the past 10,000 years. A volume of gasses, dust and rock the equivalent of one million Royal Albert Halls was sent into the atmosphere. This led to famine, drought and poverty in many parts of the world. The weather was bleak and gloomy for nearly three years.

Yet the freeze was also a time of peak creativity. Mary Shelley was inspired to write her classic novel Frankenstein. The camera, the bicycle and the stethoscope were all invented during that time.

Whether my anxiety is truly backed up by fundamentals or not, there is always a more pressing risk that negative sentiment is enough to reshape our reality because perception is truth these days.

There is a responsibility to not be drawn by the allure of darkness, and it must be acknowledged how tempting it can be to see the world in such stark terms. Psychologically, it feels empowering to succumb to a bad news vibe. It can seem like an emotional hedge against suffering. Yet it also puts humans on a limited path because we aren’t seeing the whole picture, missing out on opportunity and personal growth.

One truth is that we are all, each of us and collectively, so much more resilient in 2025 than we were five or 10 years ago. It has been building up in the bank through the trials and tribulations we have been subjected to. So now is the time to spend it all.

Let us splurge in the face of mounting worries and not be turned or discouraged from doing the important work that needs to be done today, to deliver on the promise of a better future. We might find that this course ends up making 2025 one of our best.

Muslim Council of Elders condemns terrorism on religious sites

The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.

It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.

“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.

The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.

French business

France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.

Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EMaly%20Tech%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Mo%20Ibrahim%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%20International%20Financial%20Centre%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EFunds%20raised%3A%3C%2Fstrong%3E%20%241.6%20million%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2015%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%2C%20planning%20first%20seed%20round%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20GCC-based%20angel%20investors%3C%2Fp%3E%0A
'Ghostbusters: From Beyond'

Director: Jason Reitman

Starring: Paul Rudd, Carrie Coon, Finn Wolfhard, Mckenna Grace

Rating: 2/5

THE SPECS

      

 

Engine: 1.5-litre

 

Transmission: 6-speed automatic

 

Power: 110 horsepower 

 

Torque: 147Nm 

 

Price: From Dh59,700 

 

On sale: now  

 
Polarised public

31% in UK say BBC is biased to left-wing views

19% in UK say BBC is biased to right-wing views

19% in UK say BBC is not biased at all

Source: YouGov

UAE currency: the story behind the money in your pockets
ASSASSIN'S%20CREED%20MIRAGE
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UK’s AI plan
  • AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
  • £10bn AI growth zone in South Wales to create 5,000 jobs
  • £100m of government support for startups building AI hardware products
  • £250m to train new AI models

North Pole stats

Distance covered: 160km

Temperature: -40°C

Weight of equipment: 45kg

Altitude (metres above sea level): 0

Terrain: Ice rock

South Pole stats

Distance covered: 130km

Temperature: -50°C

Weight of equipment: 50kg

Altitude (metres above sea level): 3,300

Terrain: Flat ice
 

Pakistan World Cup squad

Sarfraz Ahmed (c), Fakhar Zaman, Imam-ul-Haq, Abid Ali, Babar Azam, Haris Sohail, Shoaib Malik, Mohammad Hafeez(subject to fitness), Imad Wasim, Shadab Khan, Hasan Ali, Faheem Ashraf, Junaid Khan, Shaheen Shah Afridi, Mohammad Hasnain      

Two additions for England ODIs: Mohammad Amir and Asif Ali

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Why seagrass matters
  • Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
  • Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
  • Biodiversity: Support species like sea turtles, dugongs, and seabirds
  • Coastal protection: Reduce erosion and improve water quality
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. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Bareilly Ki Barfi
Directed by: Ashwiny Iyer Tiwari
Starring: Kriti Sanon, Ayushmann Khurrana, Rajkummar Rao
Three and a half stars

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.”

Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

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

Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

The%20specs
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Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

UAE currency: the story behind the money in your pockets
Andor
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11 cabbie-recommended restaurants and dishes to try in Abu Dhabi

Iqbal Restaurant behind Wendy’s on Hamdan Street for the chicken karahi (Dh14)

Pathemari in Navy Gate for prawn biryani (from Dh12 to Dh35)

Abu Al Nasar near Abu Dhabi Mall, for biryani (from Dh12 to Dh20)

Bonna Annee at Navy Gate for Ethiopian food (the Bonna Annee special costs Dh42 and comes with a mix of six house stews – key wet, minchet abesh, kekel, meser be sega, tibs fir fir and shiro).

Al Habasha in Tanker Mai for Ethiopian food (tibs, a hearty stew with meat, is a popular dish; here it costs Dh36.75 for lamb and beef versions)

Himalayan Restaurant in Mussaffa for Nepalese (the momos and chowmein noodles are best-selling items, and go for between Dh14 and Dh20)

Makalu in Mussaffa for Nepalese (get the chicken curry or chicken fry for Dh11)

Al Shaheen Cafeteria near Guardian Towers for a quick morning bite, especially the egg sandwich in paratha (Dh3.50)

Pinky Food Restaurant in Tanker Mai for tilapia

Tasty Zone for Nepalese-style noodles (Dh15)

Ibrahimi for Pakistani food (a quarter chicken tikka with roti costs Dh16)

A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

Tomb%20Raider%20I%E2%80%93III%20Remastered
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How to avoid crypto fraud
  • Use unique usernames and passwords while enabling multi-factor authentication.
  • Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
  • Avoid suspicious social media ads promoting fraudulent schemes.
  • Only invest in crypto projects that you fully understand.
  • Critically assess whether a project’s promises or returns seem too good to be true.
  • Only use reputable platforms that have a track record of strong regulatory compliance.
  • Store funds in hardware wallets as opposed to online exchanges.
The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

UAE tour of Zimbabwe

All matches in Bulawayo
Friday, Sept 26 – UAE won by 36 runs
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I

BORDERLANDS

Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis

Director: Eli Roth

Rating: 0/5

DEADPOOL & WOLVERINE

Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin

Director: Shawn Levy

Rating: 3/5

Updated: January 10, 2025, 7:00 AM