The UAE will look to strengthen its position in new high-value growth sectors such as biotechnology, health care and pharmaceuticals, as well as bolster its self-sufficiency in critical sectors, according to the country’s Minister of Industry and Advanced Technology.
"We will unlock greater value from sectors where we have existing strengths, including energy, petrochemicals [and] metals," Dr Sultan Al Jaber told delegates attending the Global Manufacturing and Industrialisation Summit online on Friday.
"We will start to get sectors that strengthen our self sufficiency, including water and agriculture,” he said.
Dr Al Jaber was speaking alongside UN Secretary General Antonio Guterres and UN Industrial Development Organisation director Li Yong.
Dr Al Jaber also laid out the mandate for his new ministry, which is to "enhance national industrial development, increase competitiveness, reinforce resilience, as well as drive in-country value by accelerating economic diversification".
Technology such as artificial intelligence and newer means of communication has played a big role in the UAE's shift from being a hydrocarbon resource-based economy.
The UAE has invested in those fields for years and it was the first country in the world to appoint a minister of AI.
"The experience of this year has demonstrated just how interconnected the world's economies truly are,” Dr Al Jaber said in the keynote remarks that opened the two-day event.
"Now is the time to work even more closely together, and the UAE is more than ready to play its part as a constructive partner to all who wish to work with us,” he said.
The UAE has intensified its efforts to meet demand from critical sectors such as health care amid a global pandemic.
Strata, a Mubadala-owned company focused on building composite parts for aircraft, switched gears to manufacture personal protective equipment after the outbreak halted air travel and grounded planes.
Strata began producing N95 masks in partnership with US energy services company Honeywell in May and secured enough orders within the country to keep it busy until the end of the year.
Dr Al Jaber said the UAE would tap “breakthrough technology” to enhance industrial performance and enable better integration among sectors.
"By embracing technology, we will also nurture a knowledge-based economy and create an ecosystem that supports and creates sustainable jobs,” he said.
AI is expected to give the world’s gross domestic product a 14 per cent boost by 2030, equivalent to $15.7 trillion (Dh57.7tn), according to business consultancy PwC.
Experts believe that AI’s contribution to the UAE economy will match the projected global increase – the largest GDP share in the Middle East – in the same time frame.
Mr Li said the Covid-19 pandemic had created a wider understanding of global interdependency and the link between supply chains and society.
“In these extraordinary times, a sense of clarity is more important than ever … no matter how influential, no one actor can control this phenomenon alone.”
“We can only hope to shape an inclusive and sustainable Fourth Industrial Revolution through building strong multi-stakeholder partnerships with representatives of national governments, multilateral organisations, the private sector, the research community and civil society,” he said.
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New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
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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.
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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Three stars
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Platforms: PlayStation 5, Xbox Series X/S, PC
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Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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Height: 24 meters
Ground floor banquet hall: 370 square metres to accommodate about 750 people
Ground floor multipurpose hall: 92 square metres for up to 200 people
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First floor terrace areas: 2,30 square metres
Temple will be spread over 6,900 square metres
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The specs: 2018 Opel Mokka X
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Fuel economy, combined: 6.5L / 100km
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EMERGENCY PHONE NUMBERS
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
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