Mohammed Alardhi is the executive chairman of Investcorp and the chairman of Sohar International Bank
December 30, 2021
“Do not judge me by my success. Judge me by how many times I fell down and got back up again.” Those are the wise words of Nelson Mandela, former South African president and luminary, whose legacy is celebrated to this day.
Mandela’s words are universally relevant in a world that has collectively experienced sizeable losses due to the Covid-19 outbreak, but also came together in many ways to adjust and respond to the changes.
Given the severity of the setbacks that have affected the various systems serving our society, it is important to understand that recovery will be an ongoing process. But we must remain committed to progress and not lose sight of our long-term goals.
The GCC has fared well in terms of pandemic response and is on the way to recovery. The International Monetary Fund (IMF) has forecasted that the region will return to a fiscal balance by 2023, for the first time since 2014.
While this is promising, we need to remind ourselves of the journey that has led us to this juncture, learn from the challenges we have faced and strategically plan for the future.
Countries of the GCC have come a long way in the past few decades. For example, Oman has gone from being an underdeveloped country to a fast-developing one, and taken the lead in foreign affairs, promoting peace, harmony and friendship among countries.
The region has evolved from a relatively unknown territory to a gateway between East and West, a prominent host of international events and a driver of progress in myriad areas – from tourism to real estate and technology.
In addition to investments from our governments and the private sector, I attribute this headway to Arab youth. Our young people have persevered and made great strides in higher education, business and science, and used their abilities for the benefit of society.
Not too long ago, our region was almost completely reliant on oil. However, I have always felt that our youth is our greatest asset and the key to a stable and prosperous future.
While much has been done in the way of diversification, the next natural step towards a brighter tomorrow involves closer engagement with youth, including the launch of a set of programmes that harness young talent and empower the young generation to lead our region throughout the coming decades.
A continued focus on private sector growth is also essential. Therefore, I call on all financial institutions in the region to commit to supporting young entrepreneurs. Small and medium-sized enterprises (SMEs) are the backbone of any economy and have been significantly affected by the pandemic.
SMEs have had access to finances and workshops in the region. However, we must re-examine their needs in the current fast-evolving environment. Organisations that have the means to support SMEs can interact more closely with entrepreneurs and industry professionals to tailor financing and mentorship programs to their requirements, and allow them to set up and expand their businesses as seamlessly as possible.
The diversification of opportunities in the private sector has been one of the region's successes. Getty
While much has been done in the way of diversification, the next natural step towards a brighter tomorrow involves closer engagement with youth
While education in the region, particularly higher education, has grown over the past decades, we must also explore alternatives to formal education.
The world around us is getting increasingly integrated, and given the fast pace at which technology is evolving and affecting people's lives and and the functioning of organisations, we need to adopt a holistic view towards economic development and work to prepare our young generation for the future.
Continuing education programmes, offered by various institutions, are an excellent option for youth looking to gain skills and knowledge but requiring flexibility due to ongoing work and family commitments.
These programmes can enable aspiring and mid-level professionals to broaden their perspectives and look beyond the perceived limits of their professions, inspiring creativity and flexibility. They are also an ideal choice for women who have stepped away from the workplace to care for their families, especially with the wide variety of online courses that offer easier accessibility, rather than courses that require physical attendance.
Furthermore, continuing education programmes are an excellent option for employers looking to keep their employees engaged and up to date with global trends within their fields, or equip them with knowledge in areas that will support their roles.
The fallout from the pandemic cannot be discounted. But we need to keep our eye on the prize. Global shifts in these past two years have reminded people around the world how important it is for society to function in harmony, an idea that has been a part of Arab tradition and one of our region’s greatest strengths.
Education has always been a key driver of growth. We have talented and highly engaged youth. But we must consider the pace at which the world is changing and support lifelong learning in order to prepare for the future and leverage our strengths to seize the opportunities that may arise.
Though mostly conservative, Florida is usually always “close” in presidential elections. In most elections, the candidate that wins the Sunshine State almost always wins the election, as evidenced in 2016 when Trump took Florida, a state which has not had a democratic governor since 1991.
Joe Biden’s campaign has spent $100 million there to turn things around, understandable given the state’s crucial 29 electoral votes.
In 2016, Mr Trump’s democratic rival Hillary Clinton paid frequent visits to Florida though analysts concluded that she failed to appeal towards middle-class voters, whom Barack Obama won over in the previous election.
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
The biog
Favourite books: 'Ruth Bader Ginsburg: A Life' by Jane D. Mathews and ‘The Moment of Lift’ by Melinda Gates
Favourite travel destination: Greece, a blend of ancient history and captivating nature. It always has given me a sense of joy, endless possibilities, positive energy and wonderful people that make you feel at home.
Favourite pastime: travelling and experiencing different cultures across the globe.
Favourite quote: “In the future, there will be no female leaders. There will just be leaders” - Sheryl Sandberg, COO of Facebook.
Omar Abdulrahman (Al Hilal), Ali Khaseif, Ali Mabkhout, Salem Rashed, Khalifa Al Hammadi, Khalfan Mubarak, Zayed Al Ameri, Mohammed Al Attas (Al Jazira), Khalid Essa, Ahmed Barman, Ryan Yaslam, Bandar Al Ahbabi (Al Ain), Habib Fardan, Tariq Ahmed, Mohammed Al Akbari (Al Nasr), Ali Saleh, Ali Salmin (Al Wasl), Adel Al Hosani, Ali Hassan Saleh, Majed Suroor (Sharjah), Ahmed Khalil, Walid Abbas, Majed Hassan, Ismail Al Hammadi (Shabab Al Ahli), Hassan Al Muharrami, Fahad Al Dhahani (Bani Yas), Mohammed Al Shaker (Ajman)
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Day 5, Abu Dhabi Test: At a glance
Moment of the day When Dilruwan Perera dismissed Yasir Shah to end Pakistan’s limp resistance, the Sri Lankans charged around the field with the fevered delirium of a side not used to winning. Trouble was, they had not. The delivery was deemed a no ball. Sri Lanka had a nervy wait, but it was merely a stay of execution for the beleaguered hosts.
Stat of the day – 5 Pakistan have lost all 10 wickets on the fifth day of a Test five times since the start of 2016. It is an alarming departure for a side who had apparently erased regular collapses from their resume. “The only thing I can say, it’s not a mitigating excuse at all, but that’s a young batting line up, obviously trying to find their way,” said Mickey Arthur, Pakistan’s coach.
The verdict Test matches in the UAE are known for speeding up on the last two days, but this was extreme. The first two innings of this Test took 11 sessions to complete. The remaining two were done in less than four. The nature of Pakistan’s capitulation at the end showed just how difficult the transition is going to be in the post Misbah-ul-Haq era.
All you need to know about Formula E in Saudi Arabia
What The Saudia Ad Diriyah E-Prix
When Saturday
Where Diriyah in Saudi Arabia
What time Qualifying takes place from 11.50am UAE time through until the Super Pole session, which is due to end at 12.55pm. The race, which will last for 45 minutes, starts at 4.05pm.
Who is competing There are 22 drivers, from 11 teams, on the grid, with each vehicle run solely on electronic power.
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.
