This year ends in many parts of the world with an economic bang, not a whimper. From the foothills of the UK's party season our columnist Chris Blackhurst reports on a conversation with two would-be London unicorns who spoke of the intense pressure they are under to move their potential £1 billion-plus tech businesses overseas.
“Anywhere but Britain,” was in effect what they were hearing, with the UAE, US and Saudi Arabia the most favoured destinations.
AI Week at the Museum of The Future, in Dubai. Antonie Robertson / The National
Why? Because in the case of the US, that is where the global financial power and digital know-how is concentrated, while the Gulf powerhouses are making major strides in attracting global talent and introducing digital innovation.
Up to now, outside of China, the AI world has coalesced around three centres: the US, the UK-EU region and Gulf countries. But the one that is looking most vulnerable and may find itself slipping away is the UK-EU zone. Why? Because European countries and their leaders are applying what is often referred to euphemistically as an abundance of caution – they are talking big about investment and opportunities but, at the same time, they are paying heed to politicians and regulators anxious about controlling AI and restricting its development and impact.
If US President Donald Trump is suited and booted in proscribing parts of the Muslim Brotherhood, the UK is still searching under the bed for its shoes.
There may be something stirring at one level of the political landscape, though. I attended a launch in parliament of the All Party Parliamentary Group on Extremism. I found a group of representatives who wanted to change the group thinking around the issue.
The current UK structures are focused on counter-terrorism, not so much on extremism. Those laws and strategies were forged after the 9/11 attacks on the US that created a new era of security priorities around the world.
Seizing the agenda is the art of politics in this regard, and the British government is far behind the curve in addressing extremism.
It faces calls to address the scope and scale of the problem beyond the established counter-terrorism infrastructure. It has not, for example, implemented the findings of an official report, Operating With Impunity, which recommended tackling “persistent groups” that not only radicalise but also propagate extremist narratives.
That is why MPs moving to form a parliamentary group that specialises in this area is such a welcome step.
The UK parliament's corridors have gained a new caucus against extremism. Getty Images
There is no doubt that the situation in Yemen has been intolerable for the largest faction in Aden and the southern seaboard for months.
Now there has been a decisive shift in strategy by the Southern Transitional Council. By mobilising its forces, it has effectively taken control of all of the south of the country.
In a complicated picture, three members of the eight-man council running the presidency are with the STC.
Representatives of the US, and British ambassador Abda Sharif, met Rashad Al Alimi, the head of Yemen's Presidential Leadership Council, and asked for de-escalation.
Flying the flag in Aden. Saleh Al-OBEIDI / AFP
A spokesman for the STC has accused the PLC of failing to take up the battle to liberate the north from the Houthis. For the autonomy-minded STC, the President is more interested in "seeking to establish a state for themselves in the south”.
And the PLC’s failure to provide basic services in Aden and other areas forced the STC to act on the discontent of its own supporters. The STC said it “launched a military operation to drive out terrorist elements" from a large area along the coast.
The National produces newsletters across an array of subjects. You can sign up here. To receive The Editor's Briefing, our Editor-in-Chief's weekly newsletter that rounds up the top stories, sign up here.
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
How will Gen Alpha invest?
Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.
“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.
Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.
He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.
Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”
UAE currency: the story behind the money in your pockets
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Neil Thomson – THE BIO
Family: I am happily married to my wife Liz and we have two children together.
Favourite music: Rock music. I started at a young age due to my father’s influence. He played in an Indian rock band The Flintstones who were once asked by Apple Records to fly over to England to perform there.
Favourite book: I constantly find myself reading The Bible.
Favourite film: The Greatest Showman.
Favourite holiday destination: I love visiting Melbourne as I have family there and it’s a wonderful place. New York at Christmas is also magical.
Favourite food: I went to boarding school so I like any cuisine really.
In numbers
1,000 tonnes of waste collected daily:
800 tonnes converted into alternative fuel
150 tonnes to landfill
50 tonnes sold as scrap metal
800 tonnes of RDF replaces 500 tonnes of coal
Two conveyor lines treat more than 350,000 tonnes of waste per year
Countries have been coming up with ways to restrict and monitor the use of non-commercial drones to keep them from trespassing on controlled areas such as airports.
"Drones vary in size and some can be as big as a small city car - so imagine the impact of one hitting an airplane. It's a huge risk, especially when commercial airliners are not designed to make or take sudden evasive manoeuvres like drones can" says Saj Ahmed, chief analyst at London-based StrategicAero Research.
New measures have now been taken to monitor drone activity, Geo-fencing technology is one.
It's a method designed to prevent drones from drifting into banned areas. The technology uses GPS location signals to stop its machines flying close to airports and other restricted zones.
The European commission has recently announced a blueprint to make drone use in low-level airspace safe, secure and environmentally friendly. This process is called “U-Space” – it covers altitudes of up to 150 metres. It is also noteworthy that that UK Civil Aviation Authority recommends drones to be flown at no higher than 400ft. “U-Space” technology will be governed by a system similar to air traffic control management, which will be automated using tools like geo-fencing.
The UAE has drawn serious measures to ensure users register their devices under strict new laws. Authorities have urged that users must obtain approval in advance before flying the drones, non registered drone use in Dubai will result in a fine of up to twenty thousand dirhams under a new resolution approved by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai.
Mr Ahmad suggest that "Hefty fines running into hundreds of thousands of dollars need to compensate for the cost of airport disruption and flight diversions to lengthy jail spells, confiscation of travel rights and use of drones for a lengthy period" must be enforced in order to reduce airport intrusion.
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
