UAE residents must manage their money better while some sectors of the global economy could be decimated in a post-coronavirus world, a Cabinet minister said.
Mohammed Al Gergawi, Minister for Cabinet Affairs and the Future, said nothing could be taken for granted once the pandemic was brought under control.
He questioned whether 12 years of primary and secondary school and four years of university would continue to make sense, as countries look at manage resources better.
Speaking after the second day of a three-day summit of top officials, he likened life after coronavirus to the end of a world war.
We have extravagant costs of living and luxuries, and we need a plan to create a new culture for our society
"Today, I think there is a great opportunity to change the culture of society and accelerate the transition towards a culture that suits the new situations," he said.
"We have extravagant costs of living and luxuries, and we need a plan to create a new culture for our society, which enables us after this crisis to have a youth and new generations with a strong financial culture."
Mr Al Gergawi went on to suggest that how education was taught at present may need to be reexamined.
"Do we need 12 years of schooling in the current era, given that the amount of knowledge that a pupil acquires in one year is much higher than it was decades ago?," he said.
"And does a person need four years of university studies, in an era in which one year’s knowledge is equivalent?”
Earlier, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, spoke of the need to protect public health, the economy and the UAE's way of life in an online meeting to develop the nation's post Covid-19 strategy.
Mr Al Gergawi repeatedly stressed that many people in society had a weak grasp of finance and appropriate spending.
"Do we have financial literacy curricula? We must think differently to benefit our society and ensure a better future for our generations," he said.
The UAE government has reflected on three main areas of change in recent months, and looked at how they will have a bearing on the future.
The first was how the outbreak had rapidly brought forward many "future solutions" and made home working, distance learning and flexible government a reality within weeks.
The second was recognising that what the world was going through was effectively a "third world war" and that afterwards many countries would "turn increasingly inward in terms of manufacturing and food security".
He said some economic sectors would be "decimated while others will emerge".
The third was that the crisis provided a great opportunity to ensure government was flexible, could use financial resources effectively and was able to focus on varied priorities to ensure a decent life for its people.
In addition, the government had its own three-fold plan, he said.
One included ensuring people will learn new skills, abandon traditional ways of working and that the government had a new model to fit the "different reality".
The second was to reopen and revitalise the economy and activate vital sectors such as tourism, industry, exports, financial markets, banks and retail.
Tourism plays a major part in the UAE's economy. It was worth Dh68.5 billion ($18.7 billion) or 5 per cent of GDP, a major study in 2016 showed.
It also directly and indirectly accounted for more than 10 per cent of all jobs - about 620,000 people at the time.
“The third file on the government's agenda is to direct human resources to the entrepreneurial sector such as the technical sector, modern agricultural technologies, distance education and distance education tools - and to train thousands of young men and women in the medical sector, which the pandemic has shown the importance of in achieving economic stability for countries," said Mr Al Gergawi
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
The bio
Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district
Was a middle distance state athletics champion in school
Enjoys driving to Fujairah and Ras Al Khaimah with family
His dream is to continue working as a social worker and help people
Has seven diaries in which he has jotted down notes about his work and money he earned
Keeps the diaries in his car to remember his journey in the Emirates
MATCH INFO
Norwich City 1 (Cantwell 75') Manchester United 2 (Aghalo 51' 118') After extra time.
Man of the match Harry Maguire (Manchester United)
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Starring: Joe Cole, Somluck Kamsing, Panya Yimmumphai
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UAE currency: the story behind the money in your pockets
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
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Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
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THE DETAILS
Deadpool 2
Dir: David Leitch
Starring: Ryan Reynolds, Josh Brolin, Justin Dennison, Zazie Beetz
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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
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Watson 50 not out, Devcich 49
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Uefa Champions League semi-finals, first leg
Liverpool v Roma
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Live: BeIN Sports HD
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The biog
Favourite films: Casablanca and Lawrence of Arabia
Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins
Favourite dish: Grilled fish
Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.
THREE
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Bugatti Chiron Super Sport - the specs:
Engine: 8.0-litre quad-turbo W16
Transmission: 7-speed DSG auto
Power: 1,600hp
Torque: 1,600Nm
0-100kph in 2.4seconds
0-200kph in 5.8 seconds
0-300kph in 12.1 seconds
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Bugatti Chiron Pur Sport - the specs:
Engine: 8.0-litre quad-turbo W16
Transmission: 7-speed DSG auto
Power: 1,500hp
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0-100kph in 2.3 seconds
0-200kph in 5.5 seconds
0-300kph in 11.8 seconds
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6.30pm: Maiden Dh 165,000 1,600m
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7.40pm: Maiden Dh 165,000 1,600m
8.15pm: Handicap Dh 190,000 1,400m
8.50pm: Handicap Dh 175,000 1,600m
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KILLING OF QASSEM SULEIMANI
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
Killing of Qassem Suleimani
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Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
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Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Profile
Name: Carzaty
Founders: Marwan Chaar and Hassan Jaffar
Launched: 2017
Employees: 22
Based: Dubai and Muscat
Sector: Automobile retail
Funding to date: $5.5 million