Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, praised his father as a leader who continues to inspire Dubai’s economic growth.
On Wednesday, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, announced the Dubai Economic Agenda (D33), a plan to consolidate the emirate's position in the world's top cities by economic strength in the next 10 years.
Shortly after the announcement, Sheikh Hamdan took to Twitter and said Sheikh Mohammed's vision and ambitions made the future brighter.
"Oh, father, master and glory maker, the path you mapped out for Dubai is filled with achievements," he said.
"You took us on a journey of ambitions that were made possible. With you, we are always optimistic that the future is better."
The D33 plans to add billions of dirhams to the emirate's economy and a key goal is to place Dubai in the top three cities by economic strength by 2033 and within the top four global financial centres.
A series of investment and growth plans will help achieve this, Sheikh Mohammed said on Twitter on Wednesday as he celebrated 17 years as Ruler.
These include:
- Launching 100 transformative projects of which details will be announced
- Economic targets totalling Dh32 trillion for the next 10 years
- Foreign trade doubling to Dh25 trillion during the next decade
- Connecting Dubai with 400 new cities around the world through trade corridors
- Attracting foreign direct investments exceeding Dh700 billion
On Monday, Sheikh Mohammed, who is also the Prime Minister of the UAE, set out the country's five key priorities for the new year during the first cabinet meeting of 2023.
He said the Emirates would focus on consolidating its national identity; championing the environment and sustainability; developing the education sector; boosting Emiratisation policies; and expanding economic partnerships around the world.
Sheikh Mohammed praised the nation's progress in 2022 and looked forward to fulfilling its ambitions in the coming 12 months.
Sheikh Mohammed became Ruler in 2006 and under his leadership, Dubai became a global city. Burj Khalifa, the world's tallest building, opened in 2010. Other major projects such as Dubai Marina, Dubai Metro and shopping centres such as Dubai Mall and Mall of the Emirates elevated Dubai even more.
More recently, Sheikh Mohammed ensured Dubai recovered from Covid-19 faster than most countries and also oversaw the safe and successful staging of Expo 2020 Dubai, which attracted visitors from all over the world.
From the small town in which Sheikh Mohammed was born, the population of Dubai is about 3.5 million today and home to people from around the world.
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The biog
Favourite books: 'Ruth Bader Ginsburg: A Life' by Jane D. Mathews and ‘The Moment of Lift’ by Melinda Gates
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Favourite pastime: travelling and experiencing different cultures across the globe.
Favourite quote: “In the future, there will be no female leaders. There will just be leaders” - Sheryl Sandberg, COO of Facebook.
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Engine: 1.5-litre turbocharged four-cylinder
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How to keep control of your emotions
If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.
Greed
Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.
Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.
Fear
The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.
Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.
Hope
While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.
Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.
Frustration
Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.
Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.
Boredom
Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.
Tip: Open an online demo account and get your thrills without risking real money.
