The head of the UAE's strategic Mubadala Investment Company on Thursday stressed the need for the Emirates to balance ties with the US and China, despite the rising rivalry between the powers.
Khaldoon Al Mubarak, chief executive of the company, rejected the characterisation of a “zero-sum game” in the UAE's economic ties with US and Chinese.
“We look at it from a very economic and commercial lens, and not as a zero-sum game,” Mr Al Mubarak said at a luncheon in Washington hosted by the US-UAE Business Council
“The US for us is a crucial strategic ally, economic ally, economic partner with the UAE ... We have 34 per cent of our portfolio in the country, enough said. That will continue.”
The UAE had $44.7 billion in foreign direct investment in the US in 2020.
But Mr Al Mubarak said the UAE must keep robust commercial ties with China and India as well, given both countries’ increased influence in the global economy.
“Our number one, number two, trade relationships in the world in terms of the sheer size as a country is China and India,” he said.
“We have to continue to grow and build on that commerce and trade with these countries.”
Mr Al Mubarak said strong commercial ties with both countries were vital for the UAE’s strategy to continue as a transport, logistical and trade centre over the next 50 years.
“We’re global,” he said. “We sit at a very strategic location, which is an advantage for us.”
Asked when he thought that China would pass the US as the world’s largest economy, Mr Al Mubarak said: “I don’t know and I don’t care.
“It’s going to happen. And when it does happen, we’re going to be well positioned.”
He said the UAE’s economic plan over the next 50 years centred on maintaining and expanding its status as a global economic centre.
“We’re a transportation hub, a link between east, west, north, south; a link between North America, Europe, Africa, Asia," Mr Al Mubarak said.
"We will continue to play hard in that game, make sure that we continue to be that connection hub, that transportation hub, that logistic hub, that economic link.”
He said that meant maintaining the UAE as an attractive place to do business during the digital age.
“Over the next 50 years, in this new era of digitalisation, this new era of social media, this new era of connectivity, it’s all about speed,” Mr Al Mubarak said. “It’s speed and we need to sprint.
“The UAE recognises very much now that we’ve got to be ahead of the game in this new, global environment that we are living through.
"We’ve got to make sure that we remain a highly competitive, highly attractive place that is among the easiest to do business in.”
Mr Al Mubarak said that included implementing “the right rules, the right regulations” and “the right reforms", including the appropriate immigration and nationalisation policies.
He looked back over the past 50 years in the UAE and discussed the significant advancements in women’s involvement in the economy.
Mr Al Mubarak said he was proud to show his 9-year-old daughter the wide array of female role models in Stem (science, technology, engineering and mathematics) fields and politics.
“I’ll show her a picture of a UAE female astronaut,” he said.
“Over a quarter of our Cabinet are women. Over a third of our Parliament are women.
"We have women manufacturing composites for Boeing. I talked to [female] nuclear engineers in our nuclear plants in Barakah.”
The years Ramadan fell in May
About Krews
Founder: Ahmed Al Qubaisi
Based: Abu Dhabi
Founded: January 2019
Number of employees: 10
Sector: Technology/Social media
Funding to date: Estimated $300,000 from Hub71 in-kind support
UAE currency: the story behind the money in your pockets
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
CHINESE GRAND PRIX STARTING GRID
1st row
Sebastian Vettel (Ferrari)
Kimi Raikkonen (Ferrari)
2nd row
Valtteri Bottas (Mercedes-GP)
Lewis Hamilton (Mercedes-GP)
3rd row
Max Verstappen (Red Bull Racing)
Daniel Ricciardo (Red Bull Racing)
4th row
Nico Hulkenberg (Renault)
Sergio Perez (Force India)
5th row
Carlos Sainz Jr (Renault)
Romain Grosjean (Haas)
6th row
Kevin Magnussen (Haas)
Esteban Ocon (Force India)
7th row
Fernando Alonso (McLaren)
Stoffel Vandoorne (McLaren)
8th row
Brendon Hartley (Toro Rosso)
Sergey Sirotkin (Williams)
9th row
Pierre Gasly (Toro Rosso)
Lance Stroll (Williams)
10th row
Charles Leclerc (Sauber)
arcus Ericsson (Sauber)
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
The biog
Profession: Senior sports presenter and producer
Marital status: Single
Favourite book: Al Nabi by Jibran Khalil Jibran
Favourite food: Italian and Lebanese food
Favourite football player: Cristiano Ronaldo
Languages: Arabic, French, English, Portuguese and some Spanish
Website: www.liliane-tannoury.com
COMPANY%20PROFILE%20
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The%20specs
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Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
ZAYED SUSTAINABILITY PRIZE
War
Director: Siddharth Anand
Cast: Hrithik Roshan, Tiger Shroff, Ashutosh Rana, Vaani Kapoor
Rating: Two out of five stars
'Joker'
Directed by: Todd Phillips
Starring: Joaquin Phoenix
Rating: Five out of five stars
UAE currency: the story behind the money in your pockets
MATCH INFO
Uefa Champioons League semi-final, first leg:
Liverpool 5
Salah (35', 45 1'), Mane (56'), Firmino (61', 68')
Roma 2
Dzeko (81'), Perotti (85' pen)
Second leg: May 2, Stadio Olimpico, Rome
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Australia tour of Pakistan
March 4-8: First Test, Rawalpindi
March 12-16: Second Test, Karachi
March 21-25: Third Test, Lahore
March 29: First ODI, Rawalpindi
March 31: Second ODI, Rawalpindi
April 2: Third ODI, Rawalpindi
April 5: T20I, Rawalpindi
WORLD RECORD FEES FOR GOALKEEPERS
1) Kepa Arrizabalaga, Athletic Bilbao to Chelsea (£72m)
2) Alisson, Roma to Liverpool (£67m)
3) Ederson, Benfica to Manchester City (£35m)
4) Gianluigi Buffon, Parma to Juventus (£33m)
5) Angelo Peruzzi, Inter Milan to Lazio (£15.7m
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Surianah's top five jazz artists
Billie Holliday: for the burn and also the way she told stories.
Thelonius Monk: for his earnestness.
Duke Ellington: for his edge and spirituality.
Louis Armstrong: his legacy is undeniable. He is considered as one of the most revolutionary and influential musicians.
Terence Blanchard: very political - a lot of jazz musicians are making protest music right now.