After many months of uncertainty, Covid-19 vaccines are helping countries plot a route out of the pandemic. Their equitable distribution is a challenge, but for those nations with high vaccination rates, a return to normality is tangible.
Securing the health of a population is one thing – economic convalescence is another. The difficulty that task poses for governments will last a great deal longer.
With the second-highest vaccination rate globally, the UAE is one of the leading countries that can start planning for a future beyond the pandemic. On Sunday, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, met Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, to continue discussions on that topic.
Covid-19 has familiarised people with ambitious policymaking
The UAE has been opening up for some time. Hotels in the country are recording a surge in occupancy rates. Both Abu Dhabi and Dubai have hosted major international events, including defence exhibition IDEX and a gathering of hospitality industry leaders at Gulfoods, respectively. Both occasions appear to have resulted in no significant rise in infections. Over the coming months, Dubai will be holding yet more meetings, one being the International Astronautical Congress. Abu Dhabi will host ADIPEC later this year, as well as a number of other high level in-person events
Editorials from The National
A true recovery will not just be about returning to pre-pandemic openness at the border, however. Covid-19 has familiarised people around the world with particularly ambitious government policymaking; reviving economies after well over a year of unprecedented disruption will require yet more. In a recent flurry of major projects, the UAE has launched a new centre for food technology, billed as a "global destination" for innovation. Food Tech Valley will allow the country to tap into the financially promising field of agricultural technology, the value of which is expected to rise from from $13.5 billion to $22bn over the next four years.
Food Tech Valley will work on researching ways in which our planet can feed its inhabitants, something that is a particularly pressing concern for the Middle East, a part of the world that is threatened by over-reliance on food imports, a water crisis and a rapidly growing population. Innovations such as vertical farming are an early focus of the project and a heavy academic presence will be on hand to turn research into worldwide solutions.
After a virus response that has been better than most, the GCC region can afford to place itself at the head of global economic recovery. A particularly effective one will not just prioritise a return to normal, but also plan for the many other risks that may lie ahead. If the pandemic has taught the world anything, it is that readiness matters above all else.
COMPANY%20PROFILE
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Tonight's Chat on The National
Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.
Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster who has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others.
Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.
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The years Ramadan fell in May
UAE currency: the story behind the money in your pockets
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Hili 2: Unesco World Heritage site
The site is part of the Hili archaeological park in Al Ain. Excavations there have proved the existence of the earliest known agricultural communities in modern-day UAE. Some date to the Bronze Age but Hili 2 is an Iron Age site. The Iron Age witnessed the development of the falaj, a network of channels that funnelled water from natural springs in the area. Wells allowed settlements to be established, but falaj meant they could grow and thrive. Unesco, the UN's cultural body, awarded Al Ain's sites - including Hili 2 - world heritage status in 2011. Now the most recent dig at the site has revealed even more about the skilled people that lived and worked there.
Correspondents
By Tim Murphy
(Grove Press)
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Review: Tomb Raider
Dir: Roar Uthaug
Starring: Alicia Vikander, Dominic West, Daniel Wu, Walter Goggins
two stars
More from Neighbourhood Watch:
Killing of Qassem Suleimani
Key changes
Commission caps
For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:
• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term).
• On the protection component, there is a cap of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).
• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated.
• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.
• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.
Disclosure
Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.
“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”
Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.
Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.
“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.
Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.
T20 World Cup Qualifier
October 18 – November 2
Opening fixtures
Friday, October 18
ICC Academy: 10am, Scotland v Singapore, 2.10pm, Netherlands v Kenya
Zayed Cricket Stadium: 2.10pm, Hong Kong v Ireland, 7.30pm, Oman v UAE
UAE squad
Ahmed Raza (captain), Rohan Mustafa, Ashfaq Ahmed, Rameez Shahzad, Darius D’Silva, Mohammed Usman, Mohammed Boota, Zawar Farid, Ghulam Shabber, Junaid Siddique, Sultan Ahmed, Imran Haider, Waheed Ahmed, Chirag Suri, Zahoor Khan
Players out: Mohammed Naveed, Shaiman Anwar, Qadeer Ahmed
Players in: Junaid Siddique, Darius D’Silva, Waheed Ahmed
Company%20profile
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THE%20HOLDOVERS
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F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
