It is easy to become accustomed to hearing about big numbers in the UAE. Headlines featuring the deployment of billions of dollars long since lost the power to provoke awe. So the news that by 2021, Abu Dhabi will have invested $1 billion in a slew of local and global technology start-up companies may have been misinterpreted by some as business as usual.
But it is not. We should all be paying very close attention to the news coming out of Mubadala Ventures, the arm of Mubadala Investment Company set up to bankroll technology start-ups, because that $1 billion is nothing less than the seed corn of the future, germinated in the rich soil of historic foresight. From the beginning Sheikh Zayed recognised the importance of not relying on oil as the main source of national income. It was, he said, vital "to diversify the sources of our revenue and construct economic projects that will ensure a free, stable and dignified life for the people of this country". In 1984 the International Petroleum Investment Company was founded to ensure oil wealth was invested wisely for the future. In 2002 Mubadala Development Company was created to diversify and strengthen the economy through global investments. Last year the two merged, creating a powerful organisation "to support the next phase of Abu Dhabi's economic development".
Mubadala Ventures, an offshoot set up in October, is the latest expression of Sheikh Zayed's vision. Already it is backing embryonic American tech companies and plans further investment next year in the US, Europe and back home in the UAE, in fast-evolving sectors ranging from robotics and artificial intelligence to digital healthcare and financial software. Shortly it will open its first office in the US, in the hi-tech hub of Silicon Valley. Its staff will be 13,000km from home. But as they set about the vital business of securing Abu Dhabi's place in the digital future, never will they have been closer to Sheikh Zayed's vision of an economically vibrant, forward-looking homeland free of dependence upon the bounty of the past.
Paris Agreement
Article 14
1. [The Cop] shall periodically take stock of the implementation of this Agreement to assess the collective progress towards achieving the purpose of this Agreement and its long-term goals (referred to as the "global stocktake")
2. [The Cop] shall undertake its first global stocktake in 2023 and every five years thereafter
BIG SPENDERS
Premier League clubs spent £230 million (Dh1.15 billion) on January transfers, the second-highest total for the mid-season window, the Sports Business Group at Deloitte said in a report.
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
Director: Nag Ashwin
Starring: Prabhas, Saswata Chatterjee, Deepika Padukone, Amitabh Bachchan, Shobhana
Rating: ★★★★
England 12-man squad for second Test
v West Indies which starts Thursday: Rory Burns, Joe Denly, Jonny Bairstow, Joe Root (captain), Jos Buttler, Ben Stokes, Moeen Ali, Ben Foakes, Sam Curran, Stuart Broad, Jimmy Anderson, Jack Leach
World ranking (at month’s end)
Jan - 257
Feb - 198
Mar - 159
Apr - 161
May - 159
Jun – 162
Currently: 88
Year-end rank since turning pro
2016 - 279
2015 - 185
2014 - 143
2013 - 63
2012 - 384
2011 - 883
MATCH INFO
Uefa Champions League quarter-final (first-leg score):
Juventus (1) v Ajax (1), Tuesday, 11pm UAE
Match will be shown on BeIN Sports
Teaching your child to save
Pre-school (three - five years)
You can’t yet talk about investing or borrowing, but introduce a “classic” money bank and start putting gifts and allowances away. When the child wants a specific toy, have them save for it and help them track their progress.
Early childhood (six - eight years)
Replace the money bank with three jars labelled ‘saving’, ‘spending’ and ‘sharing’. Have the child divide their allowance into the three jars each week and explain their choices in splitting their pocket money. A guide could be 25 per cent saving, 50 per cent spending, 25 per cent for charity and gift-giving.
Middle childhood (nine - 11 years)
Open a bank savings account and help your child establish a budget and set a savings goal. Introduce the notion of ‘paying yourself first’ by putting away savings as soon as your allowance is paid.
Young teens (12 - 14 years)
Change your child’s allowance from weekly to monthly and help them pinpoint long-range goals such as a trip, so they can start longer-term saving and find new ways to increase their saving.
Teenage (15 - 18 years)
Discuss mutual expectations about university costs and identify what they can help fund and set goals. Don’t pay for everything, so they can experience the pride of contributing.
Young adulthood (19 - 22 years)
Discuss post-graduation plans and future life goals, quantify expenses such as first apartment, work wardrobe, holidays and help them continue to save towards these goals.
* JP Morgan Private Bank
How the bonus system works
The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.
The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.
There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).
All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.
Top 10 most competitive economies
1. Singapore
2. Switzerland
3. Denmark
4. Ireland
5. Hong Kong
6. Sweden
7. UAE
8. Taiwan
9. Netherlands
10. Norway
COMPANY PROFILE
Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside
