Faisal Al Bannai, CEO and managing executive of Edge, at the Idex 2021 in Abu Dhabi. UAE companies showcased their latest products at this year's defence exhibition. Reuters.
Faisal Al Bannai, CEO and managing executive of Edge, at the Idex 2021 in Abu Dhabi. UAE companies showcased their latest products at this year's defence exhibition. Reuters.
Faisal Al Bannai, CEO and managing executive of Edge, at the Idex 2021 in Abu Dhabi. UAE companies showcased their latest products at this year's defence exhibition. Reuters.
Faisal Al Bannai, CEO and managing executive of Edge, at the Idex 2021 in Abu Dhabi. UAE companies showcased their latest products at this year's defence exhibition. Reuters.

How the UAE became a centre for international business


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Contracts worth well over $4 billion have been announced at this week's Idex and Navdex events in Abu Dhabi, the first major international non-sporting event in the capital for a year. Despite the need to maintain rules on social distancing, it's possible now to look forward to a time when business, once again, can thrive.

Throughout the shows, there was one clear message that will not have been lost on attending foreign salesmen, buyers and their governments. Through education, investment and innovation, driven by the focus on long-term objectives of the country’s leadership, the UAE is determined – in the field of defence as well as other areas – to ensure that it is treated by others as a leading international player.

As the UAE marks its 50th year, the days of the 'new kid on the block' have gone

This shouldn’t need to be said. The time has long since passed when the UAE, as an emerging nation, was simply a hungry market into which other countries could sell their goods and knowledge. We have developed our own home-grown skills, often in close collaboration with others. In an increasing number of areas, our products and services, as well as our expertise, are now sought internationally.

Some of the achievements that have been made en route to our current position are, by now, well understood, and not just in the country’s military production industry. Project Hope, our mission to Mars, is, by any standards, a remarkable achievement.

Some other successes, however, have received less attention. In the sphere of biology, for example, some of our young scientists, working quietly away in laboratories both here and overseas, are engaged in ground-breaking work of both local and global importance on subjects such as, among others, genomes.

In terms of artificial intelligence, we appear to be making significant strides, the full benefits of which are yet to become apparent.

The UAE's arms sector is growing year by year. WAM
The UAE's arms sector is growing year by year. WAM

We may not yet fully understand the future implications of these discoveries, but we’re certainly at the forefront of research. That’s a huge change from a few decades ago.

There’s more to be done, of course, and it’s good to hear that our own local academic institutions are devoting more attention to the promotion of research in a wide variety of fields.

If scientific research is one area in which we’ve made significant progress, another is business. We’re able now, in a way that wouldn’t have been possible half a century ago, to identify and evaluate opportunities that involve both incoming and outgoing commerce. The visiting salesmen would find very few doors open to them if they were to arrive today.

As a leading diplomat with extensive experience in business put it to me earlier this week, it’s no good presenting senior UAE officials with a short one or two page document to try to attract attention. A full explanation is necessary to present not just the outline of the concept but, from the outset, a detailed summary of the underlying benefits. That’s not just at an international level, but also in terms of real in-country value for the UAE of any project.

That’s something we can readily understand. From the earliest days of the UAE’s development, the country’s Founding Father, the late Sheikh Zayed, was always keen to ensure that major projects that included foreign partners carried within them an element of transferring technology and knowledge. Those building blocks that he helped to lay provided the firm foundations upon which the UAE now stands.

Decades later, we are in a position where we too have something to transfer, beyond financial resources, or the export of crude oil and gas. Diversification of our economy has opened up new opportunities overseas, as well as at home.

I wonder, though, whether that’s fully recognised by all of our foreign partners.

As the UAE marks its 50th year, the days of the "new kid on the block" have gone. We have our own scientists to contribute to research at a global level. We have decision-makers, both in the private sector and in government, whose skills and experience match anything found elsewhere.

Learning has not ended, neither for us nor anyone else. Further progress is yet to be made, both in terms of innovation and fine-tuning our knowledge in areas where we are already directly engaged.

In that process, we will naturally gravitate towards those who recognise who we are, how far we have come and who seek to develop with us. They will be our preferred partners for future engagement.

The foreign government officials and companies who thronged the Abu Dhabi National Exhibition Centre this week will go home well aware of what the UAE has become in their own particular area of interest: a valued partner as well as an important market. Others with a different focus would do well to observe, and to learn.

Peter Hellyer is a UAE cultural historian and columnist for The National

UAE currency: the story behind the money in your pockets
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 biog

Fatima Al Darmaki is an Emirati widow with three children

She has received 46 certificates of appreciation and excellence throughout her career

She won the 'ideal mother' category at the Minister of Interior Awards for Excellence

Her favourite food is Harees, a slow-cooked porridge-like dish made from boiled wheat berries mixed with chicken

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Key findings of Jenkins report
  • Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
  • Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
  • Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
  • Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
MATCH INFO

Uefa Champions League quarter-final second leg:

Juventus 1 Ajax 2

Ajax advance 3-2 on aggregate

Hydrogen: Market potential

Hydrogen has an estimated $11 trillion market potential, according to Bank of America Securities and is expected to generate $2.5tn in direct revenues and $11tn of indirect infrastructure by 2050 as its production increases six-fold.

"We believe we are reaching the point of harnessing the element that comprises 90 per cent of the universe, effectively and economically,” the bank said in a recent report.

Falling costs of renewable energy and electrolysers used in green hydrogen production is one of the main catalysts for the increasingly bullish sentiment over the element.

The cost of electrolysers used in green hydrogen production has halved over the last five years and will fall to 60 to 90 per cent by the end of the decade, acceding to Haim Israel, equity strategist at Merrill Lynch. A global focus on decarbonisation and sustainability is also a big driver in its development.

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

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