In an age defined by unprecedented global challenges, governments worldwide find themselves grappling with multifaceted issues such as war, post-pandemic recovery, climate change, and the relentless advance of artificial intelligence. This turbulent era has led many nations to reassess their economic strategies, with some leaning towards protectionism and intervention as safeguards for their economies.
Not long ago, the concept of globalisation promised a new world order. However, recent years have seen a shift in the global landscape. The 2008 recession raised doubts about the advantages of globalisation, and events such as Brexit signalled a move towards devolution.
World trade, relative to global gross domestic product, witnessed a 5-percentage-point decline between 2008 and 2019. Further, long-term cross-border investments plummeted by half between 2016 and 2019. And this was before Covid-19 struck global trade. These trends indicate a departure from the assumption of a rules-based global order that benefits all participants, as individual players now seek to reshape the system in their favour.
Looking ahead, the Economist Intelligence Unit noted that its researchers excepted restrained global growth but no recession. Global economic growth is forecast to decelerate to 2.2 per cent in 2024, from an estimated 2.3 per cent in 2023. Further ahead, global growth is forecast to strengthen to 2.7 per cent a year on average in 2025-28, aided by monetary easing and investment in technology and clean energy.
The World Bank echoes this sentiment, painting a less optimistic picture of global growth for the years ahead. As the economic pie worldwide begins to shrink, competition among countries is set to intensify.
The foundation of the UAE’s economic strategy is its commitment to an open economy without boundaries
In light of these changes, countries must prepare for a new reality marked by fragmentation rather than a unified system. This evolving landscape will probably entail mutually beneficial bilateral, trilateral, or quadrilateral agreements, adaptable to the evolving needs.
In this fiercely competitive environment, the UAE has strategically positioned itself to secure a substantial share of the global economic landscape. Its approach is characterised by innovation and agility, exemplified by its recent introduction of the “10 Economic Principles for the Future”.
These principles outline a forward-thinking roadmap for the UAE’s economic landscape over the next decade. In an era of shifting paradigms, these principles underscore its commitment not only to adapt but also to thrive amid evolving global dynamics.
The foundation of the UAE’s economic strategy is its commitment to an open economy without boundaries. This principle positions the nation as a global economic hub, welcoming international and regional economic exchange without limitations. It entices investment and trade by offering an attractive environment with competitive incentives.
Moreover, the UAE’s emphasis on diversifying trade partners and exploring new economic horizons reinforces its role as a central player in the global free-market economy. Indeed, in February 2024, the UAE will chair and host the World Trade Organisation’s 13th Ministerial Conference, and it will aim to underline this focus on global growth and openness.
An essential component of the UAE’s economic vision is the attraction of the world’s most skilled individuals, innovators and creative minds. This principle recognises the UAE as an economic environment where local and global talent converges.
Another pivotal element of the UAE’s economic vision is its dedication to becoming a global digital economy hub. By continually developing its digital infrastructure and related regulations, the nation positions itself as an international platform for digital transactions. This commitment to embracing AI revolution technologies fosters a competitive digital economy that shapes the future.
Sustainability takes centre stage in the UAE’s economic vision. This principle underscores the nation’s focus on ensuring the sustainability of its economy through advanced legislation and policies. In a year in which the UAE will welcome and chair the Cop28, it aims to guarantee the sustainability of resources and environmentally friendly energy sources.
The UAE’s recent record-breaking numbers in international trade exemplify its potential to thrive in this increasingly competitive environment. With an economy deeply integrated into global trade networks, the nation is well-positioned to seize opportunities arising from a more interconnected world.
The future is a domain reserved for nations that possess the vision to transcend prevailing economic paradigms and the courage to make bold decisions aimed at pioneering novel avenues for growth, all while maintaining adaptability in the face of evolving global dynamics.
We stand on the cusp of megatrends that are reshaping our world. These seismic shifts include the transition of economic power from the established G7 stalwarts to the burgeoning economies of the East, collectively referred to as the “E7”. This group encompasses economic giants such as China, India, Indonesia, the Philippines, Thailand, Vietnam and Bangladesh.
Simultaneously, we bear witness to the ascent of Africa on the global stage, accompanied by intense international competition for its resources, talents and burgeoning consumer markets.
The advent of a new global paradigm in AI further underscores the transformative potential that promises to permeate nearly every aspect of our lives. This transformative promise is poised to accelerate with the introduction of quantum computing, heralding an era of unparalleled advancement.
In this new world order, survival and prosperity will not hinge solely on the size of a nation’s economy or the might of its military forces. Instead, it will be claimed by those nations that exhibit unparalleled connectivity, agility and innovation. This represents not the conclusion of globalisation but the genesis of a fresh epoch, one characterized by “reglobalisation”, governed by an entirely novel set of rules.
The rules of the game may be shifting, but for those with the vision and agility to navigate this new terrain, the opportunities are boundless.
Yasar Jarrar is managing partner at International Advisory Group
THE BIO
Ms Al Ameri likes the variety of her job, and the daily environmental challenges she is presented with.
Regular contact with wildlife is the most appealing part of her role at the Environment Agency Abu Dhabi.
She loves to explore new destinations and lives by her motto of being a voice in the world, and not an echo.
She is the youngest of three children, and has a brother and sister.
Her favourite book, Moby Dick by Herman Melville helped inspire her towards a career exploring the natural world.
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
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The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Zayed Sustainability Prize
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The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
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ALL THE RESULTS
Bantamweight
Siyovush Gulmomdov (TJK) bt Rey Nacionales (PHI) by decision.
Lightweight
Alexandru Chitoran (ROU) bt Hussein Fakhir Abed (SYR) by submission.
Catch 74kg
Omar Hussein (JOR) bt Tohir Zhuraev (TJK) by decision.
Strawweight (Female)
Seo Ye-dam (KOR) bt Weronika Zygmunt (POL) by decision.
Featherweight
Kaan Ofli (TUR) bt Walid Laidi (ALG) by TKO.
Lightweight
Abdulla Al Bousheiri (KUW) bt Leandro Martins (BRA) by TKO.
Welterweight
Ahmad Labban (LEB) bt Sofiane Benchohra (ALG) by TKO.
Bantamweight
Jaures Dea (CAM) v Nawras Abzakh (JOR) no contest.
Lightweight
Mohammed Yahya (UAE) bt Glen Ranillo (PHI) by TKO round 1.
Lightweight
Alan Omer (GER) bt Aidan Aguilera (AUS) by TKO round 1.
Welterweight
Mounir Lazzez (TUN) bt Sasha Palatkinov (HKG) by TKO round 1.
Featherweight title bout
Romando Dy (PHI) v Lee Do-gyeom (KOR) by KO round 1.
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The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
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The%20specs
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How to get exposure to gold
Although you can buy gold easily on the Dubai markets, the problem with buying physical bars, coins or jewellery is that you then have storage, security and insurance issues.
A far easier option is to invest in a low-cost exchange traded fund (ETF) that invests in the precious metal instead, for example, ETFS Physical Gold (PHAU) and iShares Physical Gold (SGLN) both track physical gold. The VanEck Vectors Gold Miners ETF invests directly in mining companies.
Alternatively, BlackRock Gold & General seeks to achieve long-term capital growth primarily through an actively managed portfolio of gold mining, commodity and precious-metal related shares. Its largest portfolio holdings include gold miners Newcrest Mining, Barrick Gold Corp, Agnico Eagle Mines and the NewMont Goldcorp.
Brave investors could take on the added risk of buying individual gold mining stocks, many of which have performed wonderfully well lately.
London-listed Centamin is up more than 70 per cent in just three months, although in a sign of its volatility, it is down 5 per cent on two years ago. Trans-Siberian Gold, listed on London's alternative investment market (AIM) for small stocks, has seen its share price almost quadruple from 34p to 124p over the same period, but do not assume this kind of runaway growth can continue for long
However, buying individual equities like these is highly risky, as their share prices can crash just as quickly, which isn't what what you want from a supposedly safe haven.
Company%20profile
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What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
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APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
Founders: Ines Mena, Claudia Ribas, Simona Agolini, Nourhan Hassan and Therese Hundt
Date started: January 2017, app launched November 2017
Based: Dubai, UAE
Sector: Private/Retail/Leisure
Number of Employees: 18 employees, including full-time and flexible workers
Funding stage and size: Seed round completed Q4 2019 - $1m raised
Funders: Oman Technology Fund, 500 Startups, Vision Ventures, Seedstars, Mindshift Capital, Delta Partners Ventures, with support from the OQAL Angel Investor Network and UAE Business Angels
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
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Match info
Manchester City 3 (Jesus 22', 50', Sterling 69')
Everton 1 (Calvert-Lewin 65')
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At Everton Appearances: 77; Goals: 17
At Manchester United Appearances: 559; Goals: 253
MATCH INFO
Iceland 0 England 1 (Sterling pen 90 1)
Man of the match Kari Arnason (Iceland)
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The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
The specs
Engine: 6.2-litre V8
Power: 502hp at 7,600rpm
Torque: 637Nm at 5,150rpm
Transmission: 8-speed dual-clutch auto
Price: from Dh317,671
On sale: now
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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.
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