A century ago, the Swiss city of Davos was most famous for its sanatoriums. Nowadays, it is synonymous with the World Economic Forum (WEF), an annual gathering of the world’s politicians, business magnates and other decision makers. Davos is no longer a place where the ill go searching for a cure, but where the powerful try to cure the planet’s ills, through panel discussions, guest lectures, working groups and networking events. The hope is that gathering in an intimate setting can help build much-needed consensus for a better world.
This year’s edition of WEF, which began on Monday, gets under way amid a swiftly changing international political landscape. Consensus-building is becoming an increasingly fraught affair.
Coinciding with the first day of this year’s Forum, Donald Trump was sworn into the US presidency and the world’s biggest economy took a sudden, protectionist turn. Within hours of his inauguration, Mr Trump withdrew the US from the World Health Organisation. The past year has seen heightened tensions and economic rivalry between China and the US, and the exacerbation of existing conflicts in Ukraine and the Middle East. For those who believe in a more open, interconnected international community, there is much cause for concern about the direction in which things may be headed.
Many are asking themselves whether the spirit of multilateralism that gave rise to WEF remains viable
It is no surprise then that many are asking themselves whether the spirit of multilateralism that gave rise to WEF more than 50 years ago remains viable. But optimists still have many examples of global co-operation to point to.
Recent global climate summits in Dubai and Baku were held in the backdrop of global polarisation but ultimately achieved robust consensus – the of getting there perhaps proving the point. In much of the developing world, regionalism and trade co-operation has overtaken nationalism; the past year saw the expansion of the Brics club of nations to five new members, as well as a flurry of free trade deals in the Global South. Perhaps the real trend is not the disaggregation of the international community, but a shift in its centre of gravity.
And while Trumpism (along with other populist movements in Europe) appears to stand in direct opposition to globalism, it may end up strengthening it further, perhaps by chastening its excesses. Populists are often not entirely wrong when they speak of an out-of-touch global elite – that’s why their words resonate with so many. All over the world, people are worried about their livelihoods, the cost of living and the proliferation of conflict driven by the interests of the few. The gap between rich and poor societies, moreover, is only growing.
The challenge for WEF is to hear the wake-up call and keep apace. If you want to cure the world’s ills, you need to be attuned to its suffering.
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
COMPANY PROFILE
Name: Mamo Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua Based: Dubai, UAE Number of employees: 28 Sector: Financial services Investment: $9.5m Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors. BMW%20M4%20Competition
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'Project Power'
Stars: Jamie Foxx, Joseph Gordon-Levitt, Dominique Fishback
Director: Henry Joost and Ariel Schulman
Rating: 3.5/5
Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
The Intruder
Director: Deon Taylor
Starring: Dennis Quaid, Michael Ealy, Meagan Good
One star
