Fear of the future must not be allowed to deprive the next generation of new opportunities, the Kenyan President has said.
William Ruto said governments' concerns about change brought by technology can be a “huge drawback to progress”.
And while all change “produces its winners and losers”, he urged governments to grasp the opportunities of the “silicon-powered age” and to stop trying to maintain the status quo.
“The silicon-powered era has caused a mass extinction of professions and ways of life and [is] replacing them with new ones," said Mr Ruto at the World Governments Summit in Dubai on Tuesday.
If you sacrifice the benefits of progress hoping for security, we risk losing both
William Ruto,
Kenyan President
“Nothing in the past century compares in terms of sheer speed and scale of transformation as well as implication for human well-being and disruptive social economic change … with what we have experienced over the past few decades since the advent of computing … and of course artificial intelligence."
Mr Ruto said it was wise to be vigilant of adverse implications “yet these must never be grounds to stand in the way of solutions to humanity’s pressing needs”, with the new industrial revolution bringing opportunities.
"The fear of the unknown can be a real and huge drawback to progress and governments," he said. "However, if they are to remain relevant, agile and responsive, [they] must, as of necessity, move, facilitate, encourage and champion change."
Mr Ruto, who narrowly won the Kenyan election in 2022, also reflected on the digital transformation in the East African country over the past two decades.
He highlighted the success of mobile phone-based money transfer service, M-Pesa, that had the established banking sector “up in arms” when it launched in the 2000s as it allowed payments to be sent by text message.
“The public eagerly embraced the liberating efficiency of mobile phone-based cash transfer. Many types of businesses quickly saw the benefit."
He said the Kenyan government had digitised 80 per cent of its services and was aiming for 100 per cent by the end of the year.
“Our transformation agenda in Kenya dictated that affordable credit and financial inclusion be made available to the majority as a matter of urgency … liberating millions from predatory lenders through a digital lending and savings platform.”
Mr Ruto said from the difficult conversations in Kenya at the advent of the digital revolution in 2007, the country had “fully embraced” this world despite warning that vigilance was needed amid “changes, threats and dangers”.
“If you sacrifice the benefits of progress hoping for security, we risk losing both,” he said.
Mr Ruto also spoke about climate change. Last year he hosted Africa's first climate summit and it ended in a joint declaration asking that big polluters deliver increased resources to poorer countries.
He was named by Time magazine as one of the world's 100 most influential leaders shaping global climate action and has also unveiled plans for Kenya to plant 15 billion trees.
But some environmentalists have criticised his stance for championing tree-planting while also failing to stop illegal logging in public forests.
“Africa is the de facto epicentre of a green industrial revolution,” Mr Ruto said.
“It is no longer tenable nor sustainable to extract natural resources from Africa, processed elsewhere using green[house] gas-emitting technologies.
“Green industrialisation in Africa will simultaneously address unemployment, reduce inequality, discourage migration while enhancing manufacturing efficiency and industrial sustainability. All it takes is investment.”
Meanwhile, the summit continues in Dubai. The second day of the gathering featured a video interview with Sam Altman, chief executive of Open AI.
Turkish President Recep Tayyip Erdogan is set to address the assembly on Tuesday.
Indian Prime Minister Narendra Modi is set to attend the last day on Wednesday before inaugurating Abu Dhabi's landmark Hindu temple later in the day.
India is one of three countries, alongside Qatar and Turkey, to be named guests of honour at the Dubai summit.
More than 25 world leaders and heads of state have convened in Madinat Jumeirah for the event.
What is Folia?
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
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MATCH INFO
Serie A
Juventus v Fiorentina, Saturday, 8pm (UAE)
Match is on BeIN Sports
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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Directed: Smeep Kang
Produced: Soham Rockstar Entertainment; SKE Production
Cast: Rishi Kapoor, Jimmy Sheirgill, Sunny Singh, Omkar Kapoor, Rajesh Sharma
Rating: Two out of five stars
How to play the stock market recovery in 2021?
If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.
Investing in individual stocks is not for everyone and most private investors should stick to mutual funds and ETFs, but there are some thrilling opportunities for those who understand the risks.
Peter Garnry, head of equity strategy at Saxo Bank, says the 20 best-performing US and European stocks have delivered an average return year-to-date of 148 per cent, measured in local currency terms.
Online marketplace Etsy was the best performer with a return of 330.6 per cent, followed by communications software company Sinch (315.4 per cent), online supermarket HelloFresh (232.8 per cent) and fuel cells specialist NEL (191.7 per cent).
Mr Garnry says digital companies benefited from the lockdown, while green energy firms flew as efforts to combat climate change were ramped up, helped in part by the European Union’s green deal.
Electric car company Tesla would be on the list if it had been part of the S&P 500 Index, but it only joined on December 21. “Tesla has become one of the most valuable companies in the world this year as demand for electric vehicles has grown dramatically,” Mr Garnry says.
By contrast, the 20 worst-performing European stocks fell 54 per cent on average, with European banks hit by the economic fallout from the pandemic, while cruise liners and airline stocks suffered due to travel restrictions.
As demand for energy fell, the oil and gas industry had a tough year, too.
Mr Garnry says the biggest story this year was the “absolute crunch” in so-called value stocks, companies that trade at low valuations compared to their earnings and growth potential.
He says they are “heavily tilted towards financials, miners, energy, utilities and industrials, which have all been hit hard by the Covid-19 pandemic”. “The last year saw these cheap stocks become cheaper and expensive stocks have become more expensive.”
This has triggered excited talk about the “great value rotation” but Mr Garnry remains sceptical. “We need to see a breakout of interest rates combined with higher inflation before we join the crowd.”
Always remember that past performance is not a guarantee of future returns. Last year’s winners often turn out to be this year’s losers, and vice-versa.
City's slump
L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1
The five pillars of Islam
