The UAE will create a task force to develop a next-generation economy structure for 2050-60, driven by creative initiatives that will prepare the government to tackle unprecedented global crises, Minister of Economy Abdulla bin Touq said on Tuesday.
The task force will inspire government and business leaders to think beyond the effects of crises such as the Covid-19 pandemic, and the digitally driven plan, which would be based on the highest levels of innovation, will take the economy well into the future, Mr bin Touq said at the Gitex Global Leaders Vision event in Dubai.
He added that key cross-national business-to-business discussions are taking place at Expo 2020 Dubai with digitalisation, diversification and tourism dominating agendas.
The UAE has forged ahead in preparing its economy for the future by enacting several programmes to spur digital participation from all sectors of society.
The nation leads the Arab world in terms of digital progress and preparedness, a recent survey by the Portulans Institute and Google showed. It ranks third among emerging economies and 23rd overall.
Several key areas of the economy have been encouraging, reflecting the resilience of the country. During the pandemic last year, the UAE posted a 13 per cent increase in exports compared to 2019.
Companies, meanwhile, are ramping up hiring, expecting revenue to surge as much as 50 per cent in the next 12 months.
The UAE's economy is expected to grow 3.1 per cent in 2021, the International Monetary Fund reported. That is higher than the UAE Central Bank’s estimate, which projects the country’s economy will expand by 2.1 per cent this year and 4.2 per cent in 2022.
On Tuesday, Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, told the World Investment Forum that the UAE seeks to attract investment in new sectors to diversify its economy away from oil.
Gitex Global Leaders Vision also discussed the UAE government's plan for the private sector to contribute 50 per cent to the upstream development of its 2030 mission to explore Venus and the Asteroid Belt.
Ibrahim Al Qasim, executive director for the space sector at the UAE Space Agency, said the next space race would take place in the private sector, with governments providing investment and regulations to mitigate risks and enable critical innovation.
The Abu Dhabi Investment Office, meanwhile, announced that it attracted eight major ICT players to the emirate this year.
Souad Al Hosani, acting director of investor care, said the emirate is prioritising public-private sector co-operation and proved an abundance of opportunities by lifting inward foreign direct investment by 44 per cent last year compared to 2019, despite the pandemic.
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White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
'Peninsula'
Stars: Gang Dong-won, Lee Jung-hyun, Lee Ra
Director: Yeon Sang-ho
Rating: 2/5
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
ONCE UPON A TIME IN GAZA
Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi
Directors: Tarzan and Arab Nasser
Rating: 4.5/5
Company%C2%A0profile
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MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
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Anxiety and work stress major factors
Anxiety, work stress and social isolation are all factors in the recogised rise in mental health problems.
A study UAE Ministry of Health researchers published in the summer also cited struggles with weight and illnesses as major contributors.
Its authors analysed a dozen separate UAE studies between 2007 and 2017. Prevalence was often higher in university students, women and in people on low incomes.
One showed 28 per cent of female students at a Dubai university reported symptoms linked to depression. Another in Al Ain found 22.2 per cent of students had depressive symptoms - five times the global average.
It said the country has made strides to address mental health problems but said: “Our review highlights the overall prevalence of depressive symptoms and depression, which may long have been overlooked."
Prof Samir Al Adawi, of the department of behavioural medicine at Sultan Qaboos University in Oman, who was not involved in the study but is a recognised expert in the Gulf, said how mental health is discussed varies significantly between cultures and nationalities.
“The problem we have in the Gulf is the cross-cultural differences and how people articulate emotional distress," said Prof Al Adawi.
“Someone will say that I have physical complaints rather than emotional complaints. This is the major problem with any discussion around depression."
Daniel Bardsley
Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
