Innovation is characteristic of life in the the UAE. As is pushing the frontiers of technology to prepare for a future economy.
Yesterday, to further that process, Dubai unveiled a detailed metaverse strategy. The metaverse is still a new and emerging digital space, where people have virtual avatars to participate in a digital world with its own digital economy. It is a growing area, much in demand, and has the potential to create more than 40,000 jobs and add $4 billion to the emirate's economy in the next five years. In launching it, Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, spoke of the “next revolution in the technological and economic field" that would "affect all aspects of life over the next two decades”.
It is not just rapid growth in the virtual world that the UAE has ambitions for. Given the UAE's achievements in space exploration, it's not surprising that the country is developing satellites to improve forecasting, monitor oil spills and track climate change. The research and construction in developing these satellites will come from the Dh3 billion National Space Fund. A six-year programme, the launch of the first satellite will be not too far into the future, in a mere three years.
What binds these varied initiatives together is a focus on the future, a keen interest to find solutions to tomorrow's problems, all through international co-operation.
President Sheikh Mohamed referenced the space fund this week saying the new initiative to develop radar satellites would "expand our growing capabilities in this vital sector while accelerating innovation in environmental sustainability".
Another remarkable project in yet a different field in the UAE is the world’s largest vertical farm in Dubai that just opened its doors. At 330,000 square-foot, the hydroponic plant can yield 3,000 kilograms of leafy greens a day. The plant could well serve as an inspiration to other water-scarce regions in the Middle East to grow their food. Not only are indoor farms a pragmatic solution that make eminent sense in water-scarce zones, the techniques and innovations result in an efficient crop yield. Indeed the saving of water could counter the global affects of climate change. Abu Dhabi has also committed to agri-tech with a number of major farms and firms setting up in the emirate.
The world is continually reminded by scientists that in the coming decades, several countries could likely face increasing and more frequent food shortages. Preparing for that possibility is a part of responsible governance. There is a sagacity in national policies that look ahead and factor in uncertain food futures. Countries are that are creating long-term plan to respond to food crises are constructing a safe buffer for their populations.
The Emirates is already on the right path in its pursuit of achieving self-sustainable food security. The benefit of drastically lower carbon footprints that the UAE's innovations in hydroponics, for instance, will achieve, is in harmony with the UAE's National Food Strategy 2051 agenda.
In responding to not just today's crisis, but looking ahead and making strategic provisions for what may malign the world tomorrow, the UAE by all standards, and in diverse sectors, is vastly ahead of the curve.
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How much of your income do you need to save?
The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.
In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)
Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.
The specs: 2017 Lotus Evora Sport 410
Price, base / as tested Dh395,000 / Dh420,000
Engine 3.5L V6
Transmission Six-speed manual
Power 410hp @ 7,000rpm
Torque 420Nm @ 3,500rpm
Fuel economy, combined 9.7L / 100km
Company profile
Name: Steppi
Founders: Joe Franklin and Milos Savic
Launched: February 2020
Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year
Employees: Five
Based: Jumeirah Lakes Towers, Dubai
Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings
Second round raised Dh720,000 from silent investors in June this year
Company%20profile
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What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
Moral education needed in a 'rapidly changing world'
Moral education lessons for young people is needed in a rapidly changing world, the head of the programme said.
Alanood Al Kaabi, head of programmes at the Education Affairs Office of the Crown Price Court - Abu Dhabi, said: "The Crown Price Court is fully behind this initiative and have already seen the curriculum succeed in empowering young people and providing them with the necessary tools to succeed in building the future of the nation at all levels.
"Moral education touches on every aspect and subject that children engage in.
"It is not just limited to science or maths but it is involved in all subjects and it is helping children to adapt to integral moral practises.
"The moral education programme has been designed to develop children holistically in a world being rapidly transformed by technology and globalisation."
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