According to a study by Knight Frank, a property consultancy, the number of ultra-high-net-worth individuals in the Middle East is projected to increase by almost 25 per cent in the next five years. That would be, in no small sense, a positive development; part of the figure is attributable to the quickening pace of diversification strategies adopted by various – though not all – governments in the region. But just as the creation of more millionaires and billionaires can be a symptom of economic success and dynamism, it cannot eliminate the impact of serious, structural flaws in a number of the region's countries, such as deepening and extreme inequality. A rising tide lifts all boats, goes a once-popular saying among economists. As the political and economic quakes of the years since the 2008 financial crisis have shown around the world, however, a tide that rises too unevenly is at risk becoming a dangerous tsunami. The Middle East's disproportionately young population is something of a double-edged sword. In business-friendly countries, up-and-coming entrepreneurs and workers can prosper to great economic benefit. In nations that suffer from widespread corruption, economic inequality and limited education, the frustrated energy of young people can express itself through disaffection and anger. The Middle East, of course, contains countries at both extremes, with people and ideas moving frequently between them. And the dynamism of the region's job markets, has been facing a real test. Covid-19 is leaving much upturned. Depending on a nation's business environment, this will either present opportunity or ruin.
AI and robotics are booming sectors that will provide many jobs of the future. AFP
The Middle East's disproportionately young population is something of a double-edged sword
These issues are of course not limited to the region alone. A new report from management consultancy McKinsey says that one in 16 workers, across eight countries surveyed (none in the Middle East), will have to look for new jobs, even whole new careers, as a result of the pandemic.
Realising this threat, many are opting for "safer" sectors. In the UK, for instance, the number of students applying to arts degrees is plummeting, while degrees such as nursing, medicine and computer programming are rising sharply. . The flipside of the report's findings are perhaps more surprising, given the huge economic impact of successive lockdowns: 15 out of 16 employment opportunities are predicted to survive. It would be unwise to find excessive comfort in these figures. Before the arrival of the virus, the nature of employment was already changing, in a manner that required workers to become a lot more adaptable than before. Rapid technological development, a booming AI sector and more digitisation may destroy a number of jobs, even as they create others. The skills that do land young people work are ever more technical and niche. Education is struggling to create curriculums that match the pace at which modern understanding develops, often making syllabuses obsolete.
In the Middle East, the broader truths presented by McKinsey's report are only becoming more relevant as the region advances. The continued rise of ultra-rich people in the region's business community is a testament to the region's possession of a talented, entrepreneurial class that understands what the future looks like. But the pressure is on policymakers to ensure that they do not reach it alone. The rest of society must receive help as it adapts to a new reality, so that it can thrive during the inevitable change to come.
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister. "We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know. “All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.” It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins. Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement. The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
UAE currency: the story behind the money in your pockets
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.
UAE currency: the story behind the money in your pockets
Nouredine Samir (UAE) v Sheroz Kholmirzav (UZB); Lucas Porst (SWE) v Ellis Barboza (GBR); Mouhmad Amine Alharar (MAR) v Mohammed Mardi (UAE); Ibrahim Bilal (UAE) v Spyro Besiri (GRE); Aslamjan Ortikov (UZB) v Joshua Ridgwell (GBR)
Main card:
Carlos Prates (BRA) v Dmitry Valent (BLR); Bobirjon Tagiev (UZB) v Valentin Thibaut (FRA); Arthur Meyer (FRA) v Hicham Moujtahid (BEL); Ines Es Salehy (BEL) v Myriame Djedidi (FRA); Craig Coakley (IRE) v Deniz Demirkapu (TUR); Artem Avanesov (ARM) v Badreddine Attif (MAR); Abdulvosid Buranov (RUS) v Akram Hamidi (FRA)
Title card:
Intercontinental Lightweight: Ilyass Habibali (UAE) v Angel Marquez (ESP)
Intercontinental Middleweight: Amine El Moatassime (UAE) v Francesco Iadanza (ITA)
Asian Featherweight: Zakaria El Jamari (UAE) v Phillip Delarmino (PHI)
