Mohammed Alardhi is the executive chairman of Investcorp and the chairman of Sohar International Bank
May 03, 2022
Countries in the GCC have come a long way in terms of economic diversification and they continue to work hard to reduce their reliance on oil. Following a swift and effective response to the Covid-19 pandemic, which inspired a shift towards a more tech-driven approach to work across the board, I anticipate the technology sector to grow and become a strong driving force in coming years.
Governments in the region have been proactive in digitising their systems and services, and produced global benchmarks in the area of smart cities, with more in the pipeline. Private sector firms are also continually working to fine tune their operations and offerings with the aid of cutting-edge technologies.
We cannot doubt that we are on a promising track. It is always useful, however, to brainstorm ways to broaden the scope of our region in any given field.
As I have written before in these pages, the youth is the region’s greatest asset and we have witnessed them adapt quickly to technological advancements. It is also commendable how Arab women represent a higher proportion of graduates in computer science programmes, in contrast with the rest of the world where the field is male-dominated.
Millennials are increasingly tech savvy at a younger age and in an increasingly tech digital world should be encouraged to learn programming. Corbis via Getty Images.
We must ask ourselves how we can enable our youth to take our tech industry to the next level and facilitate their journeys to realising their potential and in turn contributing to long-term economic goals.
Following an extended period of uncertainty it is natural for professionals, especially those at the beginning of their careers or business pursuits, to feel reluctant about pursuing opportunities they had been working towards.
Both governments and private sector firms can work towards providing support to computer science graduates and aspiring tech entrepreneurs.
First, governments can facilitate tech licensing procedures to make the procedures simple and user-friendly in the future, and broadly work towards an accessible and supportive infrastructure designed with the needs of entrepreneurs and innovators in mind.
Governments and private equity firms in the region must invest in the technology sectors
Special lending rates will encourage up and coming business leaders to start their businesses, and financial institutions can also help create networks that help young entrepreneurs connect and collaborate so they can benefit from synergistic outcomes.
The networks can provide platforms for young professionals and innovators to share their ideas with investors, brainstorm plans and ideas, connect with like-minded people, and access both employment and business opportunities.
Established tech firms in the region – both local and multinational – can be proactive in engaging with our youth and guiding them, while also reaping the benefits of their insights and gaining a more layered understanding of their younger client demographic.
Governments within the region can facilitate cross-border collaboration and also support entrepreneurs in finding global opportunities that help expand their businesses.
They can also incentivise the corporations to use locally-developed technologies over global products in order to support their own economies and drive innovation within the region.
With more and more companies hiring remote workers or opting for hybrid models, employers in the tech field have a wider talent pool to choose from, and can look regionally when filling roles. Flexible jobs that can be done remotely may be more suited to women in the industry who account for high percentages of computer science graduates, and can now find a better balance between their home and professional lives.
In the long term, governments and private equity firms in the region must invest in the technology sectors, and engage players in other economic sectors so they stay abreast of digitisation and aspire to create global benchmarks in the development and use of latest technologies.
While the GCC region has witnessed a series of efforts towards tech, it could benefit from hosting a series of of innovation hubs that incentivise participation and actively engage young professionals in workshops, mentorship programmes and networking opportunities. These centres could package resources and information and make them readily available for people who have aspirations to start or expand their careers or businesses in tech.
We also cannot forget that current generations are increasingly tech savvy at a younger age and must also encourage school-aged children to learn programming and about the digital world as a whole. School workshops, competitions and camps centred around computer science education are useful tools that could inspire future career paths in the field.
The future is digital and the world is moving fast. The GCC region must capitalise on its strengths and use them to pursue and create opportunities that spur growth within the tech sector. Not only will this help recharge the economies but it will also foster a culture of innovation and learning.
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
MATCH INFO
Cricket World Cup League Two
Oman, UAE, Namibia
Al Amerat, Muscat
Results
Oman beat UAE by five wickets
UAE beat Namibia by eight runs
Namibia beat Oman by 52 runs
UAE beat Namibia by eight wickets
UAE v Oman - abandoned
Oman v Namibia - abandoned
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Hydrogen: Market potential
Hydrogen has an estimated $11 trillion market potential, according to Bank of America Securities and is expected to generate $2.5tn in direct revenues and $11tn of indirect infrastructure by 2050 as its production increases six-fold.
"We believe we are reaching the point of harnessing the element that comprises 90 per cent of the universe, effectively and economically,” the bank said in a recent report.
Falling costs of renewable energy and electrolysers used in green hydrogen production is one of the main catalysts for the increasingly bullish sentiment over the element.
The cost of electrolysers used in green hydrogen production has halved over the last five years and will fall to 60 to 90 per cent by the end of the decade, acceding to Haim Israel, equity strategist at Merrill Lynch. A global focus on decarbonisation and sustainability is also a big driver in its development.
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
Know before you go
Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
If you’re driving, make sure your insurance covers Oman.
By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
MATCH INFO
Uefa Champions League, last-16. first leg
Atletico Madrid v Juventus, midnight (Thursday), BeIN Sports
MATCH INFO
League Cup, last 16
Manchester City v Southampton, Tuesday, 11.45pm (UAE)
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
How to apply for a drone permit
Individuals must register on UAE Drone app or website using their UAE Pass
Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
Upload the training certificate from a centre accredited by the GCAA
Submit their request
What are the regulations?
Fly it within visual line of sight
Never over populated areas
Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
Users must avoid flying over restricted areas listed on the UAE Drone app
Only fly the drone during the day, and never at night
Should have a live feed of the drone flight
Drones must weigh 5 kg or less
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)
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Korean Film Festival 2019 line-up
Innocent Witness, June 26 at 7pm
On Your Wedding Day, June 27 at 7pm
The Great Battle, June 27 at 9pm
The Witch: Part 1. The Subversion, June 28 at 4pm
Romang, June 28 at 6pm
Mal Mo E: The Secret Mission, June 28 at 8pm
Underdog, June 29 at 2pm
Nearby Sky, June 29 at 4pm
A Resistance, June 29 at 6pm
Tips from the expert
Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.
Sellers should focus on providing high-quality used goods at attractive prices to buyers.
It’s important to use clear and appealing photos, with catchy titles and detailed descriptions to capture the attention of prospective buyers.
Try to advertise a realistic price to attract buyers looking for good deals, especially in the current environment where consumers are significantly more price-sensitive.
Be creative and look around your home for valuable items that you no longer need but might be useful to others.
The specs
Engine: 6.2-litre V8
Transmission: ten-speed
Power: 420bhp
Torque: 624Nm
Price: Dh325,125
On sale: Now
Tonight's Chat on The National
Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.
Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster who has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others.
Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.
Moment of the day Dimuth Karunaratne had batted with plenty of pluck, and no little skill, in getting to within seven runs of a first-day century. Then, while he ran what he thought was a comfortable single to mid-on, his batting partner Dinesh Chandimal opted to stay at home. The opener was run out by the length of the pitch.
Stat of the day – 1 One six was hit on Day 1. The boundary was only breached 18 times in total over the course of the 90 overs. When it did arrive, the lone six was a thing of beauty, as Niroshan Dickwella effortlessly clipped Mohammed Amir over the square-leg boundary.
The verdict Three wickets down at lunch, on a featherbed wicket having won the toss, and Sri Lanka’s fragile confidence must have been waning. Then Karunaratne and Chandimal's alliance of precisely 100 gave them a foothold in the match. Dickwella’s free-spirited strokeplay meant the Sri Lankans were handily placed at 227-4 at the close.
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."
Moment of the day Just three balls remained in an exhausting day for Sri Lanka’s bowlers when they were afforded some belated cheer. Nuwan Pradeep, unrewarded in 15 overs to that point, let slip a seemingly innocuous delivery down the legside. Babar Azam feathered it behind, and Niroshan Dickwella dived to make a fine catch.
Stat of the day - 2.56 Shan Masood and Sami Aslam are the 16th opening partnership Pakistan have had in Tests in the past five years. That turnover at the top of the order – a new pair every 2.56 Test matches on average – is by far the fastest rate among the leading Test sides. Masood and Aslam put on 114 in their first alliance in Abu Dhabi.
The verdict Even by the normal standards of Test cricket in the UAE, this has been slow going. Pakistan’s run-rate of 2.38 per over is the lowest they have managed in a Test match in this country. With just 14 wickets having fallen in three days so far, it is difficult to see 26 dropping to bring about a result over the next two.
Veere di Wedding
Dir: Shashanka Ghosh
Starring: Kareena Kapoo-Khan, Sonam Kapoor, Swara Bhaskar and Shikha Talsania
Verdict: 4 Stars
