What role does Davos play in a world gone virtual?


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The Swiss winter resort town of Davos is eerily quiet.

Typically the convening place and playground of the global elite for a week every January, this year the World Economic Forum’s annual meeting has gone online.

To discuss the forum's agenda and impact, managing director Sarita Nayyar joins co-hosts Mustafa Alrawi and Kelsey Warner.

She says the pandemic has demonstrated that no institution or individual alone can address the economic, environmental, social and technological challenges in isolation, echoing the comments of forum founder Klaus Schwab.

Mr Schwab said 2021 is a “mobilisation year” where it is vital that everyone to work together to rebuild the world – and public trust – in the face of Covid-19.

To help address the systemic changes brought about by the crisis, the Davos Agenda aims to offer leaders innovative and bold solutions to stem the pandemic and drive a robust recovery over the next year.

These solutions centre on five themes: designing cohesive, sustainable, resilient economic systems; driving responsible industry transformation and growth; enhancing stewardship of the global commons; harnessing the technologies of the fourth Industrial Revolution; and advancing global and regional co-operation.

“This unique meeting will be an opportunity for leaders to outline their vision and address the most important issues of our time, such as the need to accelerate job creation and to protect the environment,” Mr Shwab said.

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Why it pays to compare

A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.

Route 1: bank transfer

The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.

Total cost: Dh567.25 - around 2.9 per cent of the total amount

Total received: €4,670.30 

Route 2: online platform

The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.

Total cost: Dh74.10, around 0.4 per cent of the transaction

Total received: €4,756

The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.

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Fixtures

Tuesday - 5.15pm: Team Lebanon v Alger Corsaires; 8.30pm: Abu Dhabi Storms v Pharaohs

Wednesday - 5.15pm: Pharaohs v Carthage Eagles; 8.30pm: Alger Corsaires v Abu Dhabi Storms

Thursday - 4.30pm: Team Lebanon v Pharaohs; 7.30pm: Abu Dhabi Storms v Carthage Eagles

Friday - 4.30pm: Pharaohs v Alger Corsaires; 7.30pm: Carthage Eagles v Team Lebanon

Saturday - 4.30pm: Carthage Eagles v Alger Corsaires; 7.30pm: Abu Dhabi Storms v Team Lebanon