Some people were surprised by the announcement last June by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, that the UAE would triple its spending on research and development (R&D) over the next six years and boost the national workforce by 185,000.
Even with the prevailing low oil prices and government budget reductions, this decision should not have been a surprise. Investing in R&D to fuel the transformation into a knowledge economy is a true investment in our future.
Knowledge is perhaps one of the few truly renewable resources because there will always be more to learn and understand – and ways to capitalise on that. The products, services and systems that result from that knowledge have a near infinite capacity to grow and develop. That is why our leadership’s stated goal is to transition from a hydrocarbon-based economy to one based on knowledge.
The fuel that powers a knowledge economy is intellectual capital, which the OECD defines as a range of assets that create future benefits, but unlike machines, equipment, vehicles and structures, they do not have a physical or financial embodiment. This form of capital is a key contributor to growth in advanced economies – a fact recognised by our leadership’s announcement of the new National Innovation Strategy. This requires all government entities to reduce their spending by 1 per cent and commit the savings to research and innovation projects.
In economic terms, knowledge-capital that is innovative – meaning it modifies or develops more effective processes, products and ideas – is the most valuable. Innovative products, services or systems have the potential to completely displace the previous status quo to create a whole new system/market.
Just think of how mobile phones completely changed the way we communicate, do business and learn. Their existence has led to thousands of new businesses, technologies and applications being created, with the holders of the patent or rights to this kind of disruptive innovation receiving a secure flow of profits and that helps further development.
Yet how to produce innovative knowledge capital is a global challenge that does not have a simple solution. However, there are two general sources of R&D investment that are key to producing innovation – state funding and private investment.
In the US, research by the National Science Foundation found that the government provided 53 per cent of all basic research funding, compared to 22 per cent in the business sector.
Of the two, state funding is considered to have a more successful track record of producing disruptive innovation, because it tends to have more of a focus on the basic research that produces transformation innovation while private funding looks largely at development research, producing incremental innovation. It is estimated that investments in basic research can result in annual returns of 20 per cent to 60 per cent.
The NSF identified government investment in basic research as creating “the building blocks for innovation by creating a transformative knowledge base upon which the private sector can draw”.
As provost of the Masdar Institute of Science and Technology, it is my earnest hope that the increased R&D spend announced by the leadership will include a significant focus on basic research. This is, after all, considered to be the backbone of advanced higher education.
The OECD has even estimated that increasing public R&D spending can increase multifactor productivity by 0.17 per cent, reflecting the extent to which GDP can grow from a certain level of labour and capital. With increased R&D funding, the Masdar Institute will be able to better pursue its mission of developing the innovative human and intellectual capital required for the UAE’s future knowledge economy. The funding can provide equipment, materials and collaborations to help lead to novel products and services in the competitive high-tech sectors targeted by Masdar Institute, including water desalination, renewable energy, semiconductors, water treatment, energy storage, microgrids and space systems.
Additionally, increasing funding for basic research will give Masdar Institute the chance to achieve new breakthroughs that cannot only provide our country with competitive advantage, but also change the world.
We welcome this visionary move from the UAE's leaders. It is a fitting addition to the many achievements of our Year of Innovation and promises to produce national and economic benefits for years to come. With this decision and others, the UAE will continue to be a leader in the development of intellectual and human capital.
Dr Behjat AlYousuf is the Interim Provost of Masdar Institute of Science and Technology in Abu Dhabi
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Surianah's top five jazz artists
Billie Holliday: for the burn and also the way she told stories.
Thelonius Monk: for his earnestness.
Duke Ellington: for his edge and spirituality.
Louis Armstrong: his legacy is undeniable. He is considered as one of the most revolutionary and influential musicians.
Terence Blanchard: very political - a lot of jazz musicians are making protest music right now.
Brief scores:
Juventus 3
Dybala 6', Bonucci 17', Ronaldo 63'
Frosinone 0
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
How much sugar is in chocolate Easter eggs?
- The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
- The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
- The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
- The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
- The Cadbury Creme Egg contains 26g of sugar per 40g egg
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Bob Honey Who Just Do Stuff
By Sean Penn
Simon & Schuster
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
UAE currency: the story behind the money in your pockets
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Killing of Qassem Suleimani
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Mohammed bin Zayed Majlis
The biog
DOB: March 13, 1987
Place of birth: Jeddah, Saudi Arabia but lived in Virginia in the US and raised in Lebanon
School: ACS in Lebanon
University: BSA in Graphic Design at the American University of Beirut
MSA in Design Entrepreneurship at the School of Visual Arts in New York City
Nationality: Lebanese
Status: Single
Favourite thing to do: I really enjoy cycling, I was a participant in Cycling for Gaza for the second time this year
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
ICC Intercontinental Cup
UAE squad Rohan Mustafa (captain), Chirag Suri, Shaiman Anwar, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Saqlain Haider, Ahmed Raza, Mohammed Naveed, Imran Haider, Qadeer Ahmed, Mohammed Boota, Amir Hayat, Ashfaq Ahmed
Fixtures Nov 29-Dec 2
UAE v Afghanistan, Zayed Cricket Stadium, Abu Dhabi
Hong Kong v Papua New Guinea, Sharjah Cricket Stadium
Ireland v Scotland, Dubai International Stadium
Namibia v Netherlands, ICC Academy, Dubai
MATCH INFO
Uefa Nations League
League A, Group 4
Spain v England, 10.45pm (UAE)
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
The most expensive investment mistake you will ever make
When is the best time to start saving in a pension? The answer is simple – at the earliest possible moment. The first pound, euro, dollar or dirham you invest is the most valuable, as it has so much longer to grow in value. If you start in your twenties, it could be invested for 40 years or more, which means you have decades for compound interest to work its magic.
“You get growth upon growth upon growth, followed by more growth. The earlier you start the process, the more it will all roll up,” says Chris Davies, chartered financial planner at The Fry Group in Dubai.
This table shows how much you would have in your pension at age 65, depending on when you start and how much you pay in (it assumes your investments grow 7 per cent a year after charges and you have no other savings).
|
Age
|
$250 a month
|
$500 a month
|
$1,000 a month
|
|
25
|
$640,829
|
$1,281,657
|
$2,563,315
|
|
35
|
$303,219
|
$606,439
|
$1,212,877
|
|
45
|
$131,596
|
$263,191
|
$526,382
|
|
55
|
$44,351
|
$88,702
|
$177,403
|
