The UAE celebrates Emirati Women's Day. AP
The UAE celebrates Emirati Women's Day. AP
The UAE celebrates Emirati Women's Day. AP
The UAE celebrates Emirati Women's Day. AP

World Government Summit shows how the UAE is leading the way in innovation


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The sixth World Government Summit in Dubai this year has attracted 4,000 leaders in the fields of  business, politics, science and more besides to deliberate the future of government. Global heavyweights like Indian Prime Minister Narendra Modi and International Monetary Fund chief Christine Lagarde are in attendance. Mohammad Al Gergawi, UAE Minister for Cabinet Affairs and the Future, used his keynote address to specify future challenges facing policymakers in health, climate change and technology. Certainly, here in 2018, the pace of global change has never felt so rapid. Data is the "oil of the future", said Mr Al Gergawi. Having led the world in oil production, the UAE is now making strides to master technological innovation. And given the desire of the summit to set the agenda for future governments, the UAE is the perfect venue. Global summits are often criticised for their abstraction. With its concrete solutions, the World Government Summit cannot be. But aside from the changes it will effect, the annual summit allows the UAE to impart its vision on the world. It is a vision that embraces the future and puts innovation at its heart.

Many of the innovations on the table this week are already in practice in the UAE but for many countries, they remain aspirational goals. Nowhere is this foresight more evident than in the UAE's flourishing space programme. Speaking at the summit on Sunday, renowned American astrophysicist Neil deGrasse Tyson extolled this country's efforts in space. "This is already the city of the future," he said. "Everything is in place to bring a force of nature to the next generation." His praise is not without foundation. Projects like the Emirates Mars Mission and KhalifaSat – the UAE's first earth observation satellite – will inspire a generation. Three thousand Emiratis have applied to be astronauts, a quarter of them women. When it comes to space, this country continues to push the boundaries of what is humanly possible.

But as the summit is showing, the UAE's innovative governance runs even deeper. US geneticist Craig Venter told delegates that progress in medicine and genetics will soon enable doctors to detect deadly diseases like cancer and Alzheimer's earlier than previously – and therefore to treat them earlier too. With health systems across the world overburdened and retroactive, this country's interest in preventative care shows foresight. As does its approach to the environment. Dr Thani Al Zeyoudi, Minister of Climate Change and the Environment, told delegates: "Climate change is the biggest threat we've ever faced, but it's also the greatest opportunity." This country realised long ago that environmental action will bring jobs and prosperity. The Vision 2021 plan puts sustainability at the heart of the national agenda. Significant investment in solar, wind and nuclear energy has followed. The summit also touched on the refugee crisis, museums of the future, and legislating for happiness. As the conference comes to a close, it will have presented a vision of governance worthy of emulation. The UAE has come a long way since the first summit in 2013. Fortunately, its innovation shows no sign of abating.

The specs

Engine: 2x201bhp AC Permanent-magnetic electric

Transmission: n/a

Power: 402bhp

Torque: 659Nm

Price estimate: Dh200,000

On sale: Q3 2022 

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

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The Details

Kabir Singh

Produced by: Cinestaan Studios, T-Series

Directed by: Sandeep Reddy Vanga

Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa

Rating: 2.5/5 

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The President's Cake

Director: Hasan Hadi

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

Rating: 4/5

MATCH INFO

Uefa Champions League final:

Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports

David Haye record

Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4

Match info

Costa Rica 0

Serbia 1
Kolarov (56')

MATCH INFO

Uefa Champions League semi-finals, second leg:

Liverpool (0) v Barcelona (3), Tuesday, 11pm UAE

Game is on BeIN Sports

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Jawan
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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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How much do leading UAE’s UK curriculum schools charge for Year 6?
  1. Nord Anglia International School (Dubai) – Dh85,032
  2. Kings School Al Barsha (Dubai) – Dh71,905
  3. Brighton College Abu Dhabi - Dh68,560
  4. Jumeirah English Speaking School (Dubai) – Dh59,728
  5. Gems Wellington International School – Dubai Branch – Dh58,488
  6. The British School Al Khubairat (Abu Dhabi) - Dh54,170
  7. Dubai English Speaking School – Dh51,269

*Annual tuition fees covering the 2024/2025 academic year

Nepotism is the name of the game

Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad. 

The End of Loneliness
Benedict Wells
Translated from the German by Charlotte Collins
Sceptre

UAE currency: the story behind the money in your pockets
The National in Davos

We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.

MATCH INFO

Rugby World Cup (all times UAE)

Final: England v South Africa, Saturday, 1pm

MATCH INFO

First Test at Barbados
West Indies won by 381 runs

Second Test at Antigua
West Indies won by 10 wickets

Third Test at St Lucia
February 9-13

 

If you go

The flights 

Emirates flies from Dubai to Funchal via Lisbon, with a connecting flight with Air Portugal. Economy class returns cost from Dh3,845 return including taxes.

The trip

The WalkMe app can be downloaded from the usual sources. If you don’t fancy doing the trip yourself, then Explore  offers an eight-day levada trails tour from Dh3,050, not including flights.

The hotel

There isn’t another hotel anywhere in Madeira that matches the history and luxury of the Belmond Reid's Palace in Funchal. Doubles from Dh1,400 per night including taxes.

 

 

New schools in Dubai
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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.”

2019 Asian Cup final

Japan v Qatar
Friday, 6pm
Zayed Sports City Stadium, Abu Dhabi

 

 

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law