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
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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.
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Zayed Sustainability Prize
The specs: Volvo XC40
Price: base / as tested: Dh185,000
Engine: 2.0-litre, turbocharged in-line four-cylinder
Gearbox: Eight-speed automatic
Power: 250hp @ 5,500rpm
Torque: 350Nm @ 1,500rpm
Fuel economy, combined: 10.4L / 100km
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KILLING OF QASSEM SULEIMANI
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Squad
Ali Kasheif, Salim Rashid, Khalifa Al Hammadi, Khalfan Mubarak, Ali Mabkhout, Omar Abdulrahman, Mohammed Al Attas, Abdullah Ramadan, Zayed Al Ameri (Al Jazira), Mohammed Al Shamsi, Hamdan Al Kamali, Mohammed Barghash, Khalil Al Hammadi (Al Wahda), Khalid Essa, Mohammed Shaker, Ahmed Barman, Bandar Al Ahbabi (Al Ain), Al Hassan Saleh, Majid Suroor (Sharjah) Walid Abbas, Ahmed Khalil (Shabab Al Ahli), Tariq Ahmed, Jasim Yaqoub (Al Nasr), Ali Saleh, Ali Salmeen (Al Wasl), Hassan Al Muharami (Baniyas)
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- Flexible work arrangements
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- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
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Match info
Deccan Gladiators 87-8
Asif Khan 25, Dwayne Bravo 2-16
Maratha Arabians 89-2
Chadwick Walton 51 not out
Arabians won the final by eight wickets
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
'Laal Kaptaan'
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Rating: 2/5
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Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
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INDIA SQUAD
Rohit Sharma (captain), Shikhar Dhawan (vice-captain), KL Rahul, Suresh Raina, Manish Pandey, Dinesh Karthik (wicketkeeper), Deepak Hooda, Washington Sundar, Yuzvendra Chahal, Axar Patel, Vijay Shankar, Shardul Thakur, Jaydev Unadkat, Mohammad Siraj and Rishabh Pant (wicketkeeper)
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Results
4.30pm Jebel Jais – Maiden (PA) Dh60,000 (Turf) 1,000m; Winner: MM Al Balqaa, Bernardo Pinheiro (jockey), Qaiss Aboud (trainer)
5pm: Jabel Faya – Maiden (PA) Dh60,000 (T) 1,000m; Winner: AF Rasam, Tadhg O’Shea, Ernst Oertel
5.30pm: Al Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m; Winner: AF Mukhrej, Tadhg O’Shea, Ernst Oertel
6pm: The President’s Cup Prep – Conditions (PA) Dh100,000 (T) 2,200m; Winner: Mujeeb, Richard Mullen, Salem Al Ketbi
6.30pm: Abu Dhabi Equestrian Club – Prestige (PA) Dh125,000 (T) 1,600m; Winner: Jawal Al Reef, Antonio Fresu, Abubakar Daud
7pm: Al Ruwais – Group 3 (PA) Dh300,000 (T) 1,200m; Winner: Ashton Tourettes, Pat Dobbs, Ibrahim Aseel
7.30pm: Jebel Hafeet – Maiden (TB) Dh80,000 (T) 1,400m; Winner: Nibraas, Richard Mullen, Nicholas Bachalard
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Closing the loophole on sugary drinks
As The National reported last year, non-fizzy sugared drinks were not covered when the original tax was introduced in 2017. Sports drinks sold in supermarkets were found to contain, on average, 20 grams of sugar per 500ml bottle.
The non-fizzy drink AriZona Iced Tea contains 65 grams of sugar – about 16 teaspoons – per 680ml can. The average can costs about Dh6, which would rise to Dh9.
Drinks such as Starbucks Bottled Mocha Frappuccino contain 31g of sugar in 270ml, while Nescafe Mocha in a can contains 15.6g of sugar in a 240ml can.
Flavoured water, long-life fruit juice concentrates, pre-packaged sweetened coffee drinks fall under the ‘sweetened drink’ category
Not taxed:
Freshly squeezed fruit juices, ground coffee beans, tea leaves and pre-prepared flavoured milkshakes do not come under the ‘sweetened drink’ band.
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Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
MATCH INFO
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UAE v Indonesia, Thursday, 8pm
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UAE fixtures
May 9, v Malaysia
May 10, v Qatar
May 13, v Malaysia
May 15, v Qatar
May 18 and 19, semi-finals
May 20, final
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Creator: Mike White
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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Coming soon
Torno Subito by Massimo Bottura
When the W Dubai – The Palm hotel opens at the end of this year, one of the highlights will be Massimo Bottura’s new restaurant, Torno Subito, which promises “to take guests on a journey back to 1960s Italy”. It is the three Michelinstarred chef’s first venture in Dubai and should be every bit as ambitious as you would expect from the man whose restaurant in Italy, Osteria Francescana, was crowned number one in this year’s list of the World’s 50 Best Restaurants.
Akira Back Dubai
Another exciting opening at the W Dubai – The Palm hotel is South Korean chef Akira Back’s new restaurant, which will continue to showcase some of the finest Asian food in the world. Back, whose Seoul restaurant, Dosa, won a Michelin star last year, describes his menu as, “an innovative Japanese cuisine prepared with a Korean accent”.
Dinner by Heston Blumenthal
The highly experimental chef, whose dishes are as much about spectacle as taste, opens his first restaurant in Dubai next year. Housed at The Royal Atlantis Resort & Residences, Dinner by Heston Blumenthal will feature contemporary twists on recipes that date back to the 1300s, including goats’ milk cheesecake. Always remember with a Blumenthal dish: nothing is quite as it seems.
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SCHEDULE
December 8: UAE v USA (Sharjah Cricket Stadium)
December 9: USA v Scotland (Sharjah Cricket Stadium)
December 11: UAE v Scotland (Sharjah Cricket Stadium)
December 12: UAE v USA (ICC Academy Oval 1)
December 14: USA v Scotland (ICC Academy Oval 1)
December 15: UAE v Scotland (ICC Academy Oval 1)
All matches start at 10am
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Dirham Stretcher tips for having a baby in the UAE
Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:
• Buy second hand stuff
They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.
• Get a health card and vaccinate your child for free at government health centres
Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.
• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.
Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.
• Once baby is ready for solids, cook at home
Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.
Everybody%20Loves%20Touda
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Nabil%20Ayouch%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Nisrin%20Erradi%2C%20Joud%20Chamihy%2C%20Jalila%20Talemsi%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4%2F5%3C%2Fp%3E%0A
DIVINE%20INTERVENTOIN
%3Cp%3EStarring%3A%20Elia%20Suleiman%2C%20Manal%20Khader%2C%20Amer%20Daher%3C%2Fp%3E%0A%3Cp%3EDirector%3A%20Elia%20Suleiman%3C%2Fp%3E%0A%3Cp%3ERating%3A%204.5%2F5%3C%2Fp%3E%0A
