In a world of shifting power dynamics, deglobalisation trends and rising protectionism, many have sounded alarms about fractured supply chains and slowing trade. But beneath this turbulence lies an unprecedented opportunity – one that global growth and emerging markets must not miss. It is an opportunity to re-create global value chains in a way that creates more equitable prosperity in what many refer to as the “Global South”.
For decades, global economic growth was steered by the engines of the “Global North”, fuelled by the extraction of resources from the Global South, access to capital, advanced infrastructure and technology leadership. Growth markets – despite their demographic strengths, being home to the majority of the world’s population and in places like Africa and the Middle East, the youngest population – were relegated to the periphery of innovation. That era might be coming to an end.
The reality is that most of the world’s growth is now coming from these countries. Recent data from the International Monetary Fund suggests that by 2027, growth markets will account for more than 60 per cent of global gross domestic product growth. Africa alone will contribute 25 per cent of the world’s labour force by 2030. We previously referred to these markets as “developing” or “emerging”, now we refer to them as growth markets.
The rise of economic nationalism and the tightening of trade flows, particularly between global superpowers, have the potential to redefine the playing field. The US-China decoupling, the Inflation Reduction Act – a US government initiative seen by many experts as designed to discriminate against products manufactured outside North America – reshoring incentives and tech export controls may appear as threats to globalisation. But for emerging economies, they can also be a catalyst for local growth.
What was once seen as dependency on the Global North can be seen as an opportunity for growth markets to focus on bottom-up economic growth and build new trade partnerships with each other.
What is driving this transformation?
First, entrepreneurship is going local. As trade walls rise, so do incentives to solve problems within national and regional ecosystems. Startups are no longer just solving “Silicon Valley problems”. They are building home-grown fintech, logistics, healthtech, agritech and edtech solutions. From Nairobi to Riyadh, from Cairo to Jakarta, from Buenos Aires to Mexico City, entrepreneurship is not only surviving – it is thriving.
It is tempting to see fragmentation of global trade as a net loss. But what if it is the very disruption that gives birth to a new kind of global growth?
Second, investment capital is shifting direction. Last year, the Middle East and North Africa region saw more than $3.2 billion in venture capital funding, with fintech, climate tech and logistics leading the way. Sovereign wealth funds are not just investing in the West – they are backing regional champions. Cross-border mergers and acquisitions between emerging markets and regional initial public offerings are also growing at record rates.
Third, governments are no longer passive observers – they are co-builders. In the UAE, initiatives like the Entrepreneurial Nation and the Golden Visa for talent are designed to create the best place in the world to start and scale businesses. Saudi Arabia’s Vision 2030 puts small and medium enterprises and innovation at the heart of its diversification strategy. Across growth markets, a new developmental compact is emerging – one that centres innovation, inclusivity and resilience.
It is tempting to see fragmentation of global trade as a net loss. But what if it is the very disruption that gives birth to a new kind of global growth?
This is not about being anti-global or anti-West. On the contrary, this is about rebalancing global power dynamics. It is about realising that talent is everywhere, and that innovation should no longer be the privilege of a few.
For entrepreneurs, this is a moment of great responsibility – and even greater possibility. Of course, the challenges facing growth markets – youth unemployment, access to finance, energy transition, food security – are massive. But they are solvable. And the next generation of entrepreneurs will not just build unicorns, they will build systems, create jobs and develop new markets.
We believe the next decade will be led by bold builders from Latin America to Asia. Not as followers of trends from the West, but as designers of solutions that matter globally. The tectonic plates of the global order are shifting. It is time for growth markets to innovate their way to economic agency.
Dr Yasar Jarrar teaches at the Hult International Business School and is managing partner at Gov Campus
Dina H Sherif is the executive director of the Legatum Centre for Development and Entrepreneurship at the Massachusetts Institute of Technology
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
UAE currency: the story behind the money in your pockets
Museum of the Future in numbers
- 78 metres is the height of the museum
- 30,000 square metres is its total area
- 17,000 square metres is the length of the stainless steel facade
- 14 kilometres is the length of LED lights used on the facade
- 1,024 individual pieces make up the exterior
- 7 floors in all, with one for administrative offices
- 2,400 diagonally intersecting steel members frame the torus shape
- 100 species of trees and plants dot the gardens
- Dh145 is the price of a ticket
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
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Juliot Vinolia’s checklist for adopting alternate-day fasting
- Don’t do it more than once in three days
- Don’t go under 700 calories on fasting days
- Ensure there is sufficient water intake, as the body can go in dehydration mode
- Ensure there is enough roughage (fibre) in the food on fasting days as well
- Do not binge on processed or fatty foods on non-fasting days
- Complement fasting with plant-based foods, fruits, vegetables, seafood. Cut out processed meats and processed carbohydrates
- Manage your sleep
- People with existing gastric or mental health issues should avoid fasting
- Do not fast for prolonged periods without supervision by a qualified expert
UAE currency: the story behind the money in your pockets
Banthology: Stories from Unwanted Nations
Edited by Sarah Cleave, Comma Press
Springsteen: Deliver Me from Nowhere
Director: Scott Cooper
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
THREE
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
How to increase your savings
- Have a plan for your savings.
- Decide on your emergency fund target and once that's achieved, assign your savings to another financial goal such as saving for a house or investing for retirement.
- Decide on a financial goal that is important to you and put your savings to work for you.
- It's important to have a purpose for your savings as it helps to keep you motivated to continue while also reducing the temptation to spend your savings.
- Carol Glynn, founder of Conscious Finance Coaching
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
RACE CARD
5pm: Sheikh Mansour bin Zayed Al Nahyan Racing Festival Purebred Arabian Cup Conditions (PA); Dh 200,000 (Turf) 1,600m
5.30pm: Sheikha Fatima bint Mubarak Cup Conditions (PA); Dh 200,000 (T) 1,600m
6pm: Sheikh Sultan bin Zayed Al Nahyan National Day Cup Listed (TB); Dh 380,000 (T) 1,600m
6.30pm: Sheikh Sultan bin Zayed Al Nahyan National Day Group 3 (PA); Dh 500,000 (T) 1,600m
7pm: Sheikh Sultan bin Zayed Al Nahyan National Day Jewel Crown Group 1 (PA); Dh 5,000,000 (T) 2,200m
7.30pm: Sheikh Mansour bin Zayed Al Nahyan Racing Festival Handicap (PA); Dh 150,000 (T) 1,400m
8pm: Wathba Stallions Cup Handicap (PA) Dh 100,000 (T); 1,400m
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