On February 19, G7 leaders agreed “to work together and with others to make 2021 a turning point for multilateralism”. A week later, G20 finance ministers and central bank governors echoed the call for joint action and strong policy co-operation.
International co-ordination has never been more important as the world continues to grapple with a global pandemic and the worst peacetime economic contraction since the Great Depression.
The cornerstone of this global strategy is regional co-operation – a long-time call for the Mena region and now an opportunity of a lifetime.
Near-term co-operation to help end the health crisis and accelerate recovery
The prospect of ending the health crisis and hastening the recovery hinges on wide access to efficient distribution of vaccines, as well as policies that support growth and mitigate economic scarring from the pandemic.
Within the Mena region, only a handful of countries have started vigorous vaccination campaigns – these being GCC nations and a few others with production capacity, such as Morocco.
Our latest forecasts suggest that countries with diversified vaccine providers could this year record higher growth on average by 0.3 percentage points to 0.4 percentage points, compared with their October 2020 forecasts.
On the other hand, most countries in the region plan to rely primarily on the World Health Organisation's Covax vaccine-sharing scheme.
Those with more limited access to vaccines and/or hit harder by the second wave will have weaker outlooks and delayed recoveries. The 2021 gross domestic product of fragile and conflict-affected states could be 6 per cent lower than it was in 2019.
Regional co-operation is thus essential to ensure equal and sufficient access to vaccines for all countries. It is also in the interest of both vaccine haves and vaccine have-nots as the virus knows no borders.
Countries that have secured surpluses and those with domestic vaccine production capacity, such as Morocco and the UAE, could increase production and improve distribution to those with insufficient supplies while countries with the know-how should support others when it comes to storage and distribution.
This has already started: in the UAE, the Hope Consortium is providing logistics services to distribute 6 billion doses of vaccines worldwide during the first half of 2021, while the Vaccine Logistics Alliance is expected to support the delivery of 2 billion doses globally under the WHO's Covax initiative, prioritising countries with low storage capacity.
Such co-operation needs to be generalised and further strengthened, with a priority to support fragile and conflict-affected states. A joint procurement arrangement similar to the EU initiative could also be considered as a cost-effective way to secure access to vaccines by a larger number of countries.
Co-operation is also critical to reduce economic divergence and hasten recovery. Under the current policies, the recovery of emerging markets in the Mena region is projected to lag behind that of their peers elsewhere, with most countries not recouping their 2019 GDP levels until 2022.
Moreover, many of the region’s countries do not have the policy space to further support their economies. Additional public spending could exacerbate debt sustainability concerns in several countries.
In this context, further regional co-operation and integration could provide an additional source of growth without mounting pressure on fiscal positions.
Further economic integration among Maghreb countries could create a regional market of about 100 million people, make the region more attractive for foreign direct investment and increase the efficiency of resource allocation, according to a 2019 study by the International Monetary Fund.
Intraregional trade may double, contributing to higher employment and raising growth in each Maghreb country by 1 percentage point on average in the long term. With trade and tourism hit hard by the coronavirus, the potential benefits from further integration could be even higher.
Longer-term co-operation to build a strong, resilient, and inclusive regional economy
Beyond the immediate need to support each other on vaccines and post-pandemic recovery, there is a wide range of common challenges faced by the region that could benefit from further co-operation and peer learning. These include efforts to strengthen social protections and find a solution to help refugees and internally displaced people.
Tackling crisis legacies by fostering a dynamic private sector-driven economy and further integrating women, youth and informal sector workers into the formal economy are salient. Enhancing governance for better economic and social outcomes is also critical.
The pandemic has also intensified global efforts in green policies and digitalisation. These provide potential sources of additional growth. But they also tap into the region's unique comparative advantage – with proper education and training, the Mena region's very young population could lead in pushing technological advances.
Therefore, it is critical to seize this opportunity to start on high-quality investment in green infrastructure and digitisation at a regional level, with common standards and co-ordinated policies. Sharing experiences of those more advanced in these areas – for example, the UAE – could hasten progress across the entire region.
Regional co-operation calls for reducing barriers and reviving regional institutions
Regional co-operation and integration will require the gradual elimination of trade and investment barriers, improved labour and capital movement, more connected infrastructure, and harmonised standards across the region – including digital and environmental standards.
The recent Al-Ula agreement, signed by GCC leaders at their latest summit on January 5, 2021, is a step in the right direction. This agreement will pave the way for a gradual normalisation of economic ties in the region and re-energise efforts to create a unified market in the GCC.
In the short term, it will cut travel times, reduce import costs and boost tourism once the pandemic subsides. In the medium-term, the agreement could encourage investors and lead to a surge of capital flows.
Stronger institutional arrangements will be essential for further economic integration, calling for a renewed co-ordination framework among various regional institutions.
This is a window of opportunity for the region to contribute more to international economic decisions, promote regional priorities and defend regional interests.
Amid this once-in-a-life-time crisis, I urge Mena countries to “think regional” and seize this opportunity of a lifetime.
Jihad Azour is the director of the International Monetary Fund's Middle East and Central Asia department
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
The specs
Engine: 3.9-litre twin-turbo V8
Power: 640hp
Torque: 760nm
On sale: 2026
Price: Not announced yet
The biog
Mission to Seafarers is one of the largest port-based welfare operators in the world.
It provided services to around 200 ports across 50 countries.
They also provide port chaplains to help them deliver professional welfare services.
THREE
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BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
More on Quran memorisation:
Explainer: Tanween Design Programme
Non-profit arts studio Tashkeel launched this annual initiative with the intention of supporting budding designers in the UAE. This year, three talents were chosen from hundreds of applicants to be a part of the sixth creative development programme. These are architect Abdulla Al Mulla, interior designer Lana El Samman and graphic designer Yara Habib.
The trio have been guided by experts from the industry over the course of nine months, as they developed their own products that merge their unique styles with traditional elements of Emirati design. This includes laboratory sessions, experimental and collaborative practice, investigation of new business models and evaluation.
It is led by British contemporary design project specialist Helen Voce and mentor Kevin Badni, and offers participants access to experts from across the world, including the likes of UK designer Gareth Neal and multidisciplinary designer and entrepreneur, Sheikh Salem Al Qassimi.
The final pieces are being revealed in a worldwide limited-edition release on the first day of Downtown Designs at Dubai Design Week 2019. Tashkeel will be at stand E31 at the exhibition.
Lisa Ball-Lechgar, deputy director of Tashkeel, said: “The diversity and calibre of the applicants this year … is reflective of the dynamic change that the UAE art and design industry is witnessing, with young creators resolute in making their bold design ideas a reality.”
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
UAE currency: the story behind the money in your pockets
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Empty Words
By Mario Levrero
(Coffee House Press)
Last 10 winners of African Footballer of the Year
2006: Didier Drogba (Chelsea and Ivory Coast)
2007: Frederic Kanoute (Sevilla and Mali)
2008: Emmanuel Adebayor (Arsenal and Togo)
2009: Didier Drogba (Chelsea and Ivory Coast)
2010: Samuel Eto’o (Inter Milan and Cameroon)
2011: Yaya Toure (Manchester City and Ivory Coast)
2012: Yaya Toure (Manchester City and Ivory Coast)
2013: Yaya Toure (Manchester City and Ivory Coast)
2014: Yaya Toure (Manchester City and Ivory Coast)
2015: Pierre-Emerick Aubameyang (Borussia Dortmund and Gabon)
2016: Riyad Mahrez (Leicester City and Algeria)
The specs: 2018 Ducati SuperSport S
Price, base / as tested: Dh74,900 / Dh85,900
Engine: 937cc
Transmission: Six-speed gearbox
Power: 110hp @ 9,000rpm
Torque: 93Nm @ 6,500rpm
Fuel economy, combined: 5.9L / 100km
Mohammed bin Zayed Majlis
Mohammed bin Zayed Majlis
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
Killing of Qassem Suleimani
Killing of Qassem Suleimani
FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
UAE currency: the story behind the money in your pockets
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Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
The specs
Engine: 1.5-litre 4-cyl turbo
Power: 194hp at 5,600rpm
Torque: 275Nm from 2,000-4,000rpm
Transmission: 6-speed auto
Price: from Dh155,000
On sale: now
The biog
Title: General Practitioner with a speciality in cardiology
Previous jobs: Worked in well-known hospitals Jaslok and Breach Candy in Mumbai, India
Education: Medical degree from the Government Medical College in Nagpur
How it all began: opened his first clinic in Ajman in 1993
Family: a 90-year-old mother, wife and two daughters
Remembers a time when medicines from India were purchased per kilo
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
UAE currency: the story behind the money in your pockets
Indoor cricket World Cup:
Insportz, Dubai, September 16-23
UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final
Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final
Essentials
The flights
Emirates and Etihad fly direct from the UAE to Geneva from Dh2,845 return, including taxes. The flight takes 6 hours.
The package
Clinique La Prairie offers a variety of programmes. A six-night Master Detox costs from 14,900 Swiss francs (Dh57,655), including all food, accommodation and a set schedule of medical consultations and spa treatments.
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
The Prison Letters of Nelson Mandela
Edited by Sahm Venter
Published by Liveright
What is Bitcoin?
Bitcoin is the most popular virtual currency in the world. It was created in 2009 as a new way of paying for things that would not be subject to central banks that are capable of devaluing currency. A Bitcoin itself is essentially a line of computer code. It's signed digitally when it goes from one owner to another. There are sustainability concerns around the cryptocurrency, which stem from the process of "mining" that is central to its existence.
The "miners" use computers to make complex calculations that verify transactions in Bitcoin. This uses a tremendous amount of energy via computers and server farms all over the world, which has given rise to concerns about the amount of fossil fuel-dependent electricity used to power the computers.
RACE CARD
5pm: Handicap (PA) Dh70,000 1,400m
5.30pm: Handicap (TB) Dh70,000 1,000m
6pm: Maiden (PA) Dh70,000 2,000m
6.30pm: Handicap (PA) Dh70,000 2,000m
7pm: Maiden (PA) Dh70,000 1,600m
7.30pm: Al Ain Mile Group 3 (PA) Dh350,000 1,600m
8pm: Handicap (PA) Dh70,000 1,600m
Amith's selections:
5pm: AF Sail
5.30pm: Dahawi
6pm: Taajer
6.30pm: Pharitz Oubai
7pm: Winked
7.30pm: Shahm
8pm: Raniah
