The pandemic has increased the pace of connectivity in our daily lives. Getty
The pandemic has increased the pace of connectivity in our daily lives. Getty
The pandemic has increased the pace of connectivity in our daily lives. Getty
The pandemic has increased the pace of connectivity in our daily lives. Getty

How Covid-19 has accelerated the pace of digitalisation


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We are at the threshold of an exciting era for entrepreneurs. In a way, it reminds me of the feeling I had many years ago as a 100 meter sprinter; one knee down; fingers behind the line; feet in the starting blocks – anticipating the sound of that gunshot that marked the start of a race. The acceleration of digital technologies due to Covid-19 has also initiated a great race towards new opportunities that entrepreneurs are busy scoping out right now– their feet are in the starting blocks. We need to help them succeed but they must also help themselves.

The old adage “Go West young man” has been replaced by “Go Digital young lady". The pandemic has allowed the internet to invade all aspects of our lives including shopping, schooling and working – even our concerts have gone virtual now. The digital bug has followed the same path as the virus – it’s everywhere. It doesn’t make you cough but it has changed our consumption habits. We no longer need to fill up our shopping cart with heaps of toilet paper rolls and our Grandmas have stopped dragging heavy bags of potatoes or laundry detergent to their homes. It’s all delivered to the doorstep – so why go back?

Those that were already e-commerce businesses gained an unquestionable advantage during the pandemic. They had foresight.  Others had to 'pivot' to survive and rapidly put in place an online presence and strategy. They had agility. Some have been caught off guard. They are in trouble.

These laggards have no choice but to fast track their digital plans, according to Linda Rottenberg, founder of Endeavor, an organisation that has helped 2,000 entrepreneurs around the world since 1987. Fadi Ghandour, founder of Aramex and Wamda Capital, echoes Ms Rottenberg's sentiment as he remarked at a recent World Government Summit webinar that “the fourth industrial revolution everybody talks about is suddenly sitting in our laps because of Covid-19".

The pandemic has also increased the relevance of the digital doctor in our lives. Altibbi in Jordan and Vezeeta in Egypt have built robust digital health platforms that serve as a gateway to health information for millions in the Arab world. Altibbi’s Covid-19 hotline connected 250,000 callers to 116 participating doctors (often working 20 hours a day) who answered questions and cleared doubts about the virus.

This shows us that social engagement is not the preserve of large multinationals but has also become a “must do” for entrepreneurs. Stay close to your stakeholders and help them navigate through these difficult times and you will grow a loyal base of customers who will not forget you when the recovery comes.

And what about governments? There is no question that they must take pole position in nurturing entrepreneurial ecosystems in these difficult times. There are many steps that the governments can take including providing direct salary support, rent and tax reductions and anything that can help preserve cash flow for businesses. Doing this is not a cost, but as Fadi Ghandour says, “It’s an investment in strengthening the economic fabric of our societies”, and the payback will be massive, notably in terms of employment.

Meanwhile, long global supply chains will be shortened due to the Covid-19 bug, providing entrepreneurs and SMEs with new market opportunities within their national and regional boundaries. The economic activity and employment that this can generate is worthy of government support - eyes closed.

It is well known that SMEs and entrepreneurs create more jobs than governments or large businesses. Recent research suggests that there are 600 million entrepreneurs in the world, meaning that one in 13 people are running their own business. Entrepreneurs are everywhere around us. We buy their services and goods several times a day, from getting a haircut to repairing our iPhone screens.

Scientists are warning us, quite properly, that we are only at “the end of the beginning” of living with Covid-19. There is still much uncertainty ahead and many difficult times we will need to overcome. After the Second World War, the international community came together to usher in a new era of growth and progress. Today, we seem to be lacking the spirit of cooperation needed to grease the wheels of our global humanity and put us onto the right path.

But the good news is that there is a global community of entrepreneurial minds and souls embarking on a race to help us built a better future. That is a positive force we need today more than ever. Let’s all help them succeed.

Frederic Sicre is Executive Advisor, Prime Minister Office & Former Managing Director of the World Economic Forum.

Real estate tokenisation project

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.

The specs

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

Company%20profile
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Racecard
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CHATGPT%20ENTERPRISE%20FEATURES
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Breaking News: The Remaking of Journalism and Why It Matters Now
Alan Rushbridger, Canongate

COMPANY%20PROFILE
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Zidane's managerial achievements

La Liga: 2016/17
Spanish Super Cup: 2017
Uefa Champions League: 2015/16, 2016/17, 2017/18
Uefa Super Cup: 2016, 2017
Fifa Club World Cup: 2016, 2017

Gifts exchanged
  • King Charles - replica of President Eisenhower Sword
  • Queen Camilla -  Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
  • Donald Trump - hand-bound leather book with Declaration of Independence
  • Melania Trump - personalised Anya Hindmarch handbag
UAE currency: the story behind the money in your pockets
Company%20profile
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Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

Available: Now

Specs

Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request

The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
The specs: Macan Turbo

Engine: Dual synchronous electric motors
Power: 639hp
Torque: 1,130Nm
Transmission: Single-speed automatic
Touring range: 591km
Price: From Dh412,500
On sale: Deliveries start in October

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The specs

Engine: 3.0-litre flat-six twin-turbocharged

Transmission: eight-speed PDK automatic

Power: 445bhp

Torque: 530Nm

Price: Dh474,600

On Sale: Now

Farage on Muslim Brotherhood

Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.

UAE currency: the story behind the money in your pockets
What it means to be a conservationist

Who is Enric Sala?

Enric Sala is an expert on marine conservation and is currently the National Geographic Society's Explorer-in-Residence. His love of the sea started with his childhood in Spain, inspired by the example of the legendary diver Jacques Cousteau. He has been a university professor of Oceanography in the US, as well as working at the Spanish National Council for Scientific Research and is a member of the World Economic Forum’s Global Future Council on Biodiversity and the Bio-Economy. He has dedicated his life to protecting life in the oceans. Enric describes himself as a flexitarian who only eats meat occasionally.

What is biodiversity?

According to the United Nations Environment Programme, all life on earth – including in its forests and oceans – forms a “rich tapestry of interconnecting and interdependent forces”. Biodiversity on earth today is the product of four billion years of evolution and consists of many millions of distinct biological species. The term ‘biodiversity’ is relatively new, popularised since the 1980s and coinciding with an understanding of the growing threats to the natural world including habitat loss, pollution and climate change. The loss of biodiversity itself is dangerous because it contributes to clean, consistent water flows, food security, protection from floods and storms and a stable climate. The natural world can be an ally in combating global climate change but to do so it must be protected. Nations are working to achieve this, including setting targets to be reached by 2020 for the protection of the natural state of 17 per cent of the land and 10 per cent of the oceans. However, these are well short of what is needed, according to experts, with half the land needed to be in a natural state to help avert disaster.

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

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)
TEST SQUADS

Bangladesh: Mushfiqur Rahim (captain), Tamim Iqbal, Soumya Sarkar, Imrul Kayes, Liton Das, Shakib Al Hasan, Mominul Haque, Nasir Hossain, Sabbir Rahman, Mehedi Hasan, Shafiul Islam, Taijul Islam, Mustafizur Rahman and Taskin Ahmed.

Australia: Steve Smith (captain), David Warner, Ashton Agar, Hilton Cartwright, Pat Cummins, Peter Handscomb, Matthew Wade, Josh Hazlewood, Usman Khawaja, Nathan Lyon, Glenn Maxwell, Matt Renshaw, Mitchell Swepson and Jackson Bird.

Company%20profile
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