If anything can be said to define the sharp fall in US and Asian stock markets seen this week, it is unpredictability. The past month’s flurry of trade tariffs and talk of recession in the US has upended many certainties in international trade. As a result, the S&P 500 sank to a six-month low, the Dow Jones Industrial Average fell about 1.1 per cent and the Nasdaq fell more than 3 per cent, with stocks in the so-called Magnificent Seven tech companies leading the plunge.
Even more uncertainty lies ahead this week, as three new insights into the health of the world’s biggest economy are expected. February’s US Consumer Price Index is being released today, tomorrow the Producer Price Index will follow and on Friday will see the publication of the Consumer Sentiment Index, a widely followed annual report from the University of Michigan. How markets will react to their findings is anyone’s guess.
Amid so much turbulence, short-term decision making and politicised trade policies, it is worth reflecting on the wisdom of thorough and long-term economic planning. Such strategic thinking was on display in the UAE this week as the Cabinet approved plans for the country's investment strategy. This aims to increase foreign investment to Dh240 billion ($65.35 billion) by 2031 and increase the Emirates' investment stock to Dh2.2 trillion over the coming years.
A closer look at the plan reveals a country playing to its strengths. Among the key sectors in focus are logistics, renewable energy and IT. Given the UAE's prime location, robust air and maritime links, solid tech partnerships such as that between Microsoft and Abu Dhabi’s G42, and embrace of green energy and the AI revolution, it is clear that its economic strategy is about innovation, not experimentation.
Neither is this 2031 investment strategy one of a kind – it sits amid a framework of other medium and long-term strategies the country has developed over the years, such as the Emirates’ target of being net zero by 2050, the Abu Dhabi Economic Vision 2030 and Operation 300 billion, which aims to develop the country’s manufacturing and industrial base. This not only about profitability and prosperity – this is about future-proofing the country for the sudden shocks or structural changes that can rattle the global economy.
Part of maintaining such economic resilience is to build diversified, meaningful trade links with other markets, particularly those in the Global South. It is notable therefore that Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, told this week’s Cabinet meeting in Abu Dhabi that a review of the UAE’s strategic partnerships with African nations showed that 95 per cent of previously approved initiatives had been successfully implemented. This meant that the UAE’s trade volume with Sub-Saharan Africa has grown to Dh235 billion in five years – an 87 per cent increase.
Overall, the UAE’s latest investment plan paints a picture of a country that has already taken stock of a rapidly changing global economic picture and has acted accordingly. This is a policy framework that may prove capable of outliving the uncertainty that is roiling stock markets right now and threatens to do so in the months and years ahead.
Read next: UAE Cabinet approves National Investment Strategy 2031
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Favourite Meal: Chicken Caesar salad
Hobbies: Travelling, going to the gym
Inspiration: Father, who was a captain in the UAE army
Favourite read: Rich Dad Poor Dad by Robert Kiyosaki and Sharon Lechter
Favourite film: The Founder, about the establishment of McDonald's
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Name: Fareed Lafta
Age: 40
From: Baghdad, Iraq
Mission: Promote world peace
Favourite poet: Al Mutanabbi
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Mia Man’s tips for fermentation
- Start with a simple recipe such as yogurt or sauerkraut
- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.
- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.
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The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
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Stamp duty timeline
December 2014: Former UK finance minister George Osbourne reforms stamp duty, replacing the slab system with a blended rate scheme, with the top rate increasing to 12 per cent from 10 per cent:
Up to £125,000 - 0%; £125,000 to £250,000 – 2%; £250,000 to £925,000 – 5%; £925,000 to £1.5m: 10%; Over £1.5m – 12%
April 2016: New 3% surcharge applied to any buy-to-let properties or additional homes purchased.
July 2020: Rishi Sunak unveils SDLT holiday, with no tax to pay on the first £500,000, with buyers saving up to £15,000.
March 2021: Mr Sunak decides the fate of SDLT holiday at his March 3 budget, with expectations he will extend the perk unti June.
April 2021: 2% SDLT surcharge added to property transactions made by overseas buyers.
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4.
5.
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Biog
Mr Kandhari is legally authorised to conduct marriages in the gurdwara
He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada
Father of two sons, grandfather of six
Plays golf once a week
Enjoys trying new holiday destinations with his wife and family
Walks for an hour every morning
Completed a Bachelor of Commerce degree in Loyola College, Chennai, India
2019 is a milestone because he completes 50 years in business
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When: The one-off Test starts on Friday, May 11
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Six large-scale objects on show
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