December 2, 2023 marks 52 years since the UAE's founding. Khushnum Bhandari / The National
December 2, 2023 marks 52 years since the UAE's founding. Khushnum Bhandari / The National
December 2, 2023 marks 52 years since the UAE's founding. Khushnum Bhandari / The National
December 2, 2023 marks 52 years since the UAE's founding. Khushnum Bhandari / The National


Union Day is a moment to celebrate the UAE's astonishing diversity


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December 01, 2023

Fifty-two years ago this Saturday, the rulers of six emirates along the coast of the Arabian Peninsula emerged, led by Sheikh Zayed bin Sultan Al Nahyan, from a meeting at a small building now known as Union House, and raised, for the first time, the flag of a new nation. Two months later, they were joined by a seventh, Ras Al Khaimah, and the United Arab Emirates as we now know it was born.

The spirit of uniting different peoples under a common vision has been embedded deeply within the UAE’s national fabric ever since. Union Day, formerly known as National Day, takes place this year as Dubai hosts Cop28 – an international climate summit that epitomises that principle on a global scale.

The UAE has championed, in its role as Cop28 host, making inclusivity and open-mindedness central components of the summit’s discussions. The voices of groups too frequently underrepresented on the world stage – women, people with disabilities, indigenous people and youth – are expected to be amplified. Residents of the Emirates will remember that only four years ago inclusivity was at the forefront of the national conversation, when the country celebrated 2019 as the “Year of Tolerance”.

In an increasingly fractured, polarised and inward-looking world, the UAE bucks the trend

In that time, the UAE population, already home to nine million foreign residents hailing from more than 200 nations, has grown to become even more diverse. The opening of new churches, synagogues and Hindu temples, alongside mosques, is a testament to the spirit of fraternity that comes with having a global population. And the introduction of a long-term residency programme untethered to residents’ employment has reinforced the notion that diversity is a permanent feature of the country’s identity.

In an increasingly fractured, polarised and inward-looking world, all of this bucks the trend. Financial crises, refugee crises, trade wars, military wars and a pandemic have closed borders and had politicians in many countries that were formerly paragons of openness publicly questioning the value of diversity and cosmopolitanism. The “global village”, expounded in the 1960s by the philosopher Marshall McLuhan, seems in many corners of the world to be in decline.

Not so here. The UAE’s real-life Global Village, a cultural attraction and marketplace for food, clothing and handicrafts from around the world, has seen a record nine million visitors in the past year. The country has become central to the global political economy, as an entrepot, a source of capital and a promoter of dialogue. Openness and curiosity have positioned the Emirates as a leader in emerging fields like sustainable energy and artificial intelligence. In its own region, it is a beacon of stability; for 11 years running, the UAE has been named by respondents in the Arab Youth Survey as the top country young Arabs would like to live in.

None of this would have been possible without the statesmanship and values embodied in that foundational meeting of rulers on December 2, 1971. Union Day is a reminder to all of the UAE’s residents what unity means, here and around the world: that different peoples can and do have shared values and common interests, and when they come together they can achieve extraordinary things.

The specs

Price, base: Dh228,000 / Dh232,000 (est)
Engine: 5.7-litre Hemi V8
Transmission: Eight-speed automatic
Power: 395hp @ 5,600rpm
Torque: 552Nm
Fuel economy, combined: 12.5L / 100km

Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.

Based: Riyadh

Offices: UAE, Vietnam and Germany

Founded: September, 2020

Number of employees: 70

Sector: FinTech, online payment solutions

Funding to date: $116m in two funding rounds  

Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices

Will the pound fall to parity with the dollar?

The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.

Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.

New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.

“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.

The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.

The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.

Bloomberg

Our Time Has Come
Alyssa Ayres, Oxford University Press

Thank You for Banking with Us

Director: Laila Abbas

Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum

Rating: 4/5

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The specs

Engine: 8.0-litre, quad-turbo 16-cylinder

Transmission: 7-speed auto

0-100kmh 2.3 seconds

0-200kmh 5.5 seconds

0-300kmh 11.6 seconds

Power: 1500hp

Torque: 1600Nm

Price: Dh13,400,000

On sale: now

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

Tips for job-seekers
  • Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
  • Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.

David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East

Squads

India (for first three ODIs) Kohli (capt), Rohit, Rahul, Pandey, Jadhav, Rahane, Dhoni, Pandya, Axar, Kuldeep, Chahal, Bumrah, Bhuvneshwar, Umesh, Shami.

Australia Smith (capt), Warner, Agar, Cartwright, Coulter-Nile, Cummins, Faulkner, Finch, Head, Maxwell, Richardson, Stoinis, Wade, Zampa.

About Krews

Founder: Ahmed Al Qubaisi

Based: Abu Dhabi

Founded: January 2019

Number of employees: 10

Sector: Technology/Social media 

Funding to date: Estimated $300,000 from Hub71 in-kind support

 

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. 

Updated: December 01, 2023, 3:00 AM