Richard Quest is an anchor and business editor-at-large at CNN
January 14, 2023
If you need a measure of just how bad inflation has become, the World Economic Forum (WEF) in Davos can provide it. Want a hotel room in this Swiss mountain town next week? Get ready to part with around $1,200 per night (or much, much more). The WEF may have tried hard to throw off the image of Davos elitism, but it doesn’t stop them slapping an eye-watering surcharge on the accommodation it offers up to delegates. Money talks, especially in these straitened times, and opportunity knocks.
On the flipside of this, the other traditional criticism levelled at Davos is that talk is cheap (even when it’s offensively expensive) and that the Forum generates plenty of words, but very few actions; yet last year’s trip up into the Alps felt unusually substantive.
Covid-19 restrictions meant fewer delegates, and as a result there were fewer hangers-on, less hoopla, and a welcome lack of nonsense. It was a leaner, nimbler, more focused affair, with a notably scaled back "circus" surrounding the main event. Even the absence of snow removed a traditional distraction. Those who came had come to engage. As a result, even though these things are hard to measure, it felt like stuff might actually be getting done.
The World Economic Forum’s annual meeting will take place at Davos-Klosters, Switzerland. Photo: World Economic Forum / Marcel Giger
Fahd Al Rasheed, the chief executive of King Abdullah Economic City. Salah Malkawi for The National
IMF managing director Kristalina Georgieva. AFP
Bandar Alkhorayef, Minister of Industry and Mineral Resources in Saudi Arabia. AFP
Ohood Al Roumi, Minister of State for Governmental Development and Future, speaks at Davos last year. Bloomberg
Dr Thani Al Zeyoudi, Minister of State for Foreign Trade. Pawan Singh / The National
Omar Al Olama, chairman of Dubai Chamber of Digital Economy, and vice chairman of the Higher Committee for Future Technology and Digital Economy. Khushnum Bhandari / The National
Ayman Safadi, Jordanian Foreign Minister. Reuters
Sultan Ahmed bin Sulayem, group chairman and chief executive of DP World. Antonie Robertson / The National
Iraqi Foreign Minister, Fuad Hussein. Reuters
Klaus Schwab, founder and executive chairman of the World Economic Forum. EPA
Qatar's Deputy Prime Minister and Foreign Minister, Sheikh Mohammed bin Abdulrahman Al Thani. AP
Saudi Arabia's Economy and Planning Minister, Faisal Alibrahim (R), and its Communications and Information Technology Minister, Abdullah bin Amer Alswaha, in Davos last year. EPA
Dutch Defence Minister, Kajsa Ollongren. AFP
Mark Carney, co-chairman of Glasgow Financial Alliance for Net Zero and vice chairman of Brookfield Asset Management. Bloomberg
Abdullah Alswaha, Saudi Arabia's Minister of Communications and Information Technology. Photo: NCA
Saudi Investment Minister, Khalid Al Falih. AFP
US special presidential envoy for climate, John Kerry. AP Photo
Sarah Al Amiri, Minister of State for Public Education and Future Technology. Chris Whiteoak / The National
Egyptian Foreign Minister, Sameh Shoukry. EPA
Artist and designer Maya Lin. AP
Princess Reema bint Bandar Al Saud, vice president for development and planning of the Saudi Arabian General Sports Authority, at Davos in 2018. Photo: World Economic Forum / Boris Baldinger
Desmond Kuek, chief executive of Temasek Trust. Photo: Temasek Trust
UN special envoy for Yemen, Hans Grundberg. Reuters
Saudi Arabia's Crown Prince Mohammed bin Salman. Reuters
Mohammed Al Jadaan, Saudi Arabia's Finance Minister. Bloomberg
Idris Elba and Sabrina Dhowre Elba. AP
Hessa bint Essa Buhumaid, Minister of Community Development. Victor Besa / The National
Saudi Minister of State for Foreign Affairs, Adel Al Jubeir. AFP
Badr Jafar, founder of Pearl Initiative. Antonie Robertson / The National
Khaldoon Al Mubarak, managing director and group chief executive of Mubadala. Pawan Singh / The National
British actor Idris Elba. AFP
Finnish Foreign Minister, Pekka Haavisto. AFP
Rania Al Mashat, Egypt's Tourism Minister. Bloomberg
The American soprano Renee Fleming with the Dresden Philharmonic, conducted by Sascha Goetzel, at the Abu Dhabi Festival. Fatima Al Marzooqi / The National
US senator Chris Coons. AFP
Abdulatif Rashid, President of Iraq. AFP
Najla Bouden, Prime Minister of Tunisia. AFP
Bisher Hani Al Khasawneh, Prime Minister of Jordan. AFP
The tide of global problems has not receded in the eight months since the WEF last convened. China is once more overwhelmed by new Covid-19 cases; the war in Ukraine, despite Russia’s preposterous offers of ceasefires, feels as entrenched as ever; the cost of living continues to soar; hard-right politics is taking root in Sweden, Israel and Italy; the US House of Representatives has descended into farce; Iran is executing protestors; Brazil has just experienced its own January 6 moment; the list goes on.
Wherever you look, dialogue is in short supply – even Prince Harry is an impasse with his family. When the spirit of compromise appears to have evaporated, the theme of this year’s meeting – Co-operation in a Fragmented World – seems Panglossian, especially when even Davos itself has gradually become more fragmented.
There has long been a notion that two Davoses exist side by side. Now I’m not talking about the frivolous world of parties attended by drunken bankers and spruced up by the addition of the occasional celebrity. While these once threatened to overwhelm the main event, they have – mercifully – faded into the background in recent years. This is more a division in the way the Forum itself functions. There is the "big Davos" and its high-minded, somewhat abstract chin stroking involving presidents, finance ministers and chief executives. Then there is another, more complex, but no less important side.
Over the last few weeks, I have been overwhelmed by invitations to panels and gatherings of all stripes at Davos – often interesting and all well-intentioned. These are smaller meetings where one can learn about the latest thinking on matters such as artificial intelligence, agriculture, healthcare or mobility. They are the micro-issues that underpin the macro issues being dealt with at the other, "big Davos" – recession, climate change, food security and so on.
Davos is a valuable opportunity to discuss specific issues such as artificial intelligence and mobility. Reuters
In a way, Davos is rather like a large container ship. Up on the bridge there are the big decisions being pondered and courses being charted. Down below deck you’ll find the many disparate parts that make up the whole, and an army of people whose objective is simply to get on with the task at hand and stay afloat. When big solutions appear so hard to find, that "below deck" world, where stuff is just getting done, has become just as important as that above.
I’ve always been something of a Davos sceptic, but this year I will head up the mountain with an open mind and renewed vigour. In a world of high stakes and low expectations, perhaps the two sides of Davos – the high-minded thinkers and the pragmatic doers – can offer a chance for both big and small steps.
For me personally, the true value of the WEF is the chance to have a meal and a drink with people I might not agree with. Even if my mind isn’t changed as a result, at least I might better understand the other point of view, and they mine. In a world starved of dialogue, the expensive conversations taking place in Davos may just be worth the bill.
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened. He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia. Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”. Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
The burning issue
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.
1) Kepa Arrizabalaga, Athletic Bilbao to Chelsea (£72m)
2) Alisson, Roma to Liverpool (£67m)
3) Ederson, Benfica to Manchester City (£35m)
4) Gianluigi Buffon, Parma to Juventus (£33m)
5) Angelo Peruzzi, Inter Milan to Lazio (£15.7m
Fixtures:
Wed Aug 29 – Malaysia v Hong Kong, Nepal v Oman, UAE v Singapore
Thu Aug 30 - UAE v Nepal, Hong Kong v Singapore, Malaysia v Oman
Sat Sep 1 - UAE v Hong Kong, Oman v Singapore, Malaysia v Nepal
Sun Sep 2 – Hong Kong v Oman, Malaysia v UAE, Nepal v Singapore
Tue Sep 4 - Malaysia v Singapore, UAE v Oman, Nepal v Hong Kong
Thu Sep 6 – Final
Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
