Mohammed Alardhi is the executive chairman of Investcorp, chairman of Muscat Stock Exchange MSX and chairman of Royal Jet
November 23, 2022
This month, prominent world leaders, representatives and delegates from 190 countries gathered in Sharm El Sheikh, Egypt, for the UN Climate Change Conference, Cop27. It was encouraging to see high levels of engagement from countries across the globe on the ill effects of climate change and to best combat them and protect the planet.
There are various large-scale efforts being planned and implemented to reduce greenhouse gas emissions. However, I strongly believe it would help to look back on practices from decades past that were in fact sustainable and then adapt them to the modern, post-industrial world.
Arab tradition has inherently been centred around people, and while Arab nations have been investing heavily in renewable energy and making significant strides, we must also draw from the wisdom of our forefathers, whose lifestyles were not only sustainable, broadly speaking, but geared towards the benefit of the wider community.
The onus is now on us Arab citizens to adapt the community mindset to the modern context
An increase in greenhouse gas emissions is a direct result of the industrial revolution, which, undoubtedly, transformed the world but also brought forth a series of drawbacks that have long been overlooked.
As the world continues to move towards the digital era, we must reconcile our long-standing values with the present and future, and in the true spirit of Arab tradition, lead by example while we engage global communities in practices that support sustainability goals.
Families at a park in Dubai, on October 25. EPA
Across Arab nations and throughout the course of history, people have existed as valued parts of a larger puzzle – a tribe or fraternity that engages every member to the best of their capacity. Familial values have not been limited to kin, and are extended to friends, neighbours and business networks.
We cannot doubt the importance of large-scale projects, individual and government efforts to reduce carbon emissions. But a community-centred lifestyle that has long been part of Arab culture can make an enormous difference if it is adopted by countries around the world.
The idea that one makes choices based on the wider impact and repercussions of their actions is key and will vary with each scenario.
Valuing, reusing, gifting, sharing and lending possessions are all part of Arab tradition. With the rise of consumerism and external influences on lifestyles, however, these practices have faded to a large extent. Experts on sustainability are now all advising consumers to make conscious decisions about purchasing and find ways to reuse or repurpose items rather than discarding them, which is in line with the lifestyles led by our forefathers.
The onus is now on Arab citizens to adapt the community mindset to the modern context, honouring our rich heritage, while looking forward and safeguarding the interests of our global allies and future generations.
Sustainable practices at home such as reducing energy consumption, growing vegetables, being water-wise, investing in renewable energy sources such as solar lights and panels are a great place to start. Waste reduction can take many forms – food waste can be reduced by sharing leftovers in communal spaces – like some communities in the GCC have successfully operated neighbourhood pantries and refrigerators so everyone has access to meals.
In 2016, Sumayyah Sayed set up 20 sharing fridges across Dubai that gave anyone access to food during ramadan. Anna Nielsen / The National
The digital frameworks we now have access to present a plethora of opportunities. Geolocation apps, or community-centric apps can be developed to support lowering wastage and encouraging sharing, giving and lending within the community.
This concept can be carried over to the business sphere, where services and resources can be posted online and communal possession of assets becomes the norm. For example, businesses operating in the same industry can look into options for joint ownership of equipment they use part-time, or consider leasing their equipment so resources are used for maximum mileage.
There are opportunities for business growth as well, perhaps a renewed approach to infrastructure that supports the concept of shared assets across industries. Governments can incentivise shared use of resources in the private sector as well in order to help organisations reduce their carbon footprint.
There is also plenty of room for innovation where materials that typically find their way to landfills can be given a new life and used to develop products. Various companies across the world have ventured in this area and achieved excellent results – from using the plastic of water bottles to manufacture footwear, to food scraps repurposed to make household items.
Entrepreneurs with a vision that supports sustainability can be given incentives and support from governments, financial institutions and established players in the private sector.
There is no shortage of creativity among Arab youth and even older citizens; I am always in awe of the brilliant ideas members of our society have to share.
There truly is no better time than now to renew our commitment not only to our community but to our planet, and lead our friends and allies from various cultures across the world by example and adopt a community-centred mindset towards sustainability.
We know now that all of humanity is at serious threat, and the only path to security is to be united and always prioritise the greater good over individual benefit. This is an important part of Arab tradition that we can and must adapt to our current context to offset the damage the planet has endured. In these ways we can work towards a healthier and secure future.
Investors: Flat6Labs, Accel, Y Combinator and angel investors
UAE players with central contracts
Rohan Mustafa, Ashfaq Ahmed, Chirag Suri, Rameez Shahzad, Shaiman Anwar, Adnan Mufti, Mohammed Usman, Ghulam Shabbir, Ahmed Raza, Qadeer Ahmed, Amir Hayat, Mohammed Naveed and Imran Haider.
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
MATCH INFO
Champions League quarter-final, first leg
Ajax v Juventus, Wednesday, 11pm (UAE)
Match on BeIN Sports
Recent winners
2002 Giselle Khoury (Colombia)
2004 Nathalie Nasralla (France)
2005 Catherine Abboud (Oceania)
2007 Grace Bijjani (Mexico)
2008 Carina El-Keddissi (Brazil)
2009 Sara Mansour (Brazil)
2010 Daniella Rahme (Australia)
2011 Maria Farah (Canada)
2012 Cynthia Moukarzel (Kuwait)
2013 Layla Yarak (Australia)
2014 Lia Saad (UAE)
2015 Cynthia Farah (Australia)
2016 Yosmely Massaad (Venezuela)
2017 Dima Safi (Ivory Coast)
2018 Rachel Younan (Australia)
A little about CVRL
Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.
One of its main goals is to provide permanent treatment solutions for veterinary related diseases.
The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery.
RESULTS
Men
1 Marius Kipserem (KEN) 2:04:04
2 Abraham Kiptum (KEN) 2:04:16
3 Dejene Debela Gonfra (ETH) 2:07:06
4 Thomas Rono (KEN) 2:07:12
5 Stanley Biwott (KEN) 2:09:18
Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.
The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.
The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.
The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.
UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.
That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.
Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.
