Successful financial centres around the world will become more green, digital, inclusive and collaborative by 2030 in response to global macroeconomic challenges that require sustainable funding, according to research by the Dubai International Financial Centre.
Global financial centres will also play a critical role in drawing and retaining the best talent by offering attractive working environments, the emirate's financial free zone said on Sunday.
Challenges such as changing demographics, the need for sustainable financial growth and the Fourth Industrial Revolution will drive the change, the research — produced by the DIFC in collaboration with the World Alliance of International Financial Centres and London-based consultancy Z/Yen Group — found.
The paper “contains important recommendations that need to be converted into objectives that are best delivered through collaboration between financial centres”, said Arif Amiri, chief executive of the DIFC Authority.
“Embedding the deliverables will allow financial centres to increase their contribution to the global economy, while providing opportunities for clients to innovate, be more inclusive and sustainable.”
The paper was developed after the annual general meeting of the WAIFC last year, when senior representatives from financial centres worldwide gathered in Dubai to consider the role they play in supporting global economic growth, providing investment for businesses and enabling trade.
“The global financial industry is currently undergoing a dramatic wave of change that started during the financial crisis in 2008,” Jennifer Reynolds, chairwoman of WAIFC, said.
“Since then, rapid changes in technology, demand for sustainable finance and the pandemic continued to drive change. The pace of change will increase and financial centres must focus their priorities on becoming green, smart, innovative, customer-focused, digital and inclusive.”
DIFC's architecture — in pictures
International financial centres will be greener by providing incentives that prioritise a sustainable economy, reduce carbon emissions and promote green solutions, the research said.
They will be more digital by offering most services for residents via special platforms and apps. Global financial centres will also be more inclusive by ensuring that business services and regulation is fair and open to existing players and newcomers.
“Financial centre associations and leaders will have a key role in orchestrating talent, bridging gaps and sharing ideas with one another to enable the development of finance to address the needs of society,” the report said.
Embedding the deliverables will allow financial centres to increase their contribution to the global economy, while providing opportunities for clients to innovate, be more inclusive and sustainable
Arif Amiri,
chief executive of the DIFC Authority
“Just as the clustering of financial services encourages innovation, so collaboration between financial centres will lead to improvements in the development of the world economy and its focus on sustainable outcomes.
However, international financial centres also face key challenges, including the issue of changing demographics amid a surge in growth of young populations, particularly in Sub-Saharan Africa, an ageing population in East Asia and Europe, as well as economic and forced migration, and a rapid rate of urbanisation.
Sustainability challenges include the risk posed by climate change and the need to transition to renewable energy.
The Fourth Industrial Revolution, with technological innovation and digital services, is also changing all aspects of life and business.
The report also questions whether geographic clusters will last in the post-pandemic era of hybrid work, which has been adopted by more companies globally.
“In structural terms, it remains to be seen whether the traditional idea of a geographic cluster of activity in a single location remains the most likely model of the future,” it said.
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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.
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Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
“We added new technology and equipment used for the first time for the detection of heavy metals.
“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”
Third Test
Result: India won by 203 runs
Series: England lead five-match series 2-1
UAE currency: the story behind the money in your pockets
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
Results:
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7.40pm: Handicap (T) | $145,000 | 1,000m | Winner: Faatinah, Jim Crowley, David Hayes
8.15pm: Dubawi Stakes Group 3 (D) | $200,000 | 1,200m | Winner: Raven’s Corner, Richard Mullen, Satish Seemar
8.50pm: Singspiel Stakes Group 3 (T) | $200,000 | 1,800m | Winner: Dream Castle, Christophe Soumillon, Saeed bin Suroor
9.25pm: Handicap (T) | $175,000 | 1,400m | Winner: Another Batt, Connor Beasley, George Scott
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
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
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
APPLE IPAD MINI (A17 PRO)
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Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
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