Looking in the rear-view mirror amid the turbulence of 2023, the year 2008 may seem a time of innocence and even sunlit optimism.
In the year The National was launched, the US – too long tainted by toxic racism – would make Barack Obama its first black president. Adventurous tourists were booking tickets to visit Yemen’s historic Sanaa, the glories of Palmyra in Syria and even Kabul in Afghanistan.
China hosted the Summer Olympics and welcomed the world. And Isis was the name of an Egyptian goddess or one a set of trendy parents might choose for their daughter.
That, of course, is not even half the story. The storm clouds of the past 15 years were already gathering. In November, an attack in Mumbai by the extremist group Lashkar-e-Taiba lasted three days and left 175 dead.
A month later, Israel would launch a brutal, three-week assault on Gaza that left widespread destruction and killed more than 1,000 Palestinians.
Rumbling throughout the year was the beginning of a financial crisis that would become known as the Great Recession. Caused in large part by reckless lending in
the US housing market, the storm broke with the collapse of Lehman Brothers in September and spread, like a virus, through the global financial system.
That year will also be remembered for the end of Sri Lanka’s civil war with the defeat of the Tamil Tigers. An outbreak of H1N1 swine flu, originating in the US, was declared a global pandemic, but did not cause much concern. It was also the year Michael Jackson died.
There was much excitement in January 2010 with the inauguration of Burj Khalifa that, at 829.8 metres, was by far the tallest building in the world. Just four months earlier was the debut of the Dubai Metro – both signals that the city was looking forward.
Less welcome news came with the eruption of the Icelandic volcano newsreaders struggled to pronounce. Ash from Eyjafjallajokull would shut down international air travel for nearly two weeks in April. Among the stranded passengers was the singer Tom Jones, who had been performing in Abu Dhabi.
Another reminder of nature’s power was the catastrophic Haiti earthquake in January 2010, which left at least 130,000 dead. About a year later, another quake, and the resulting tsunami, would devastate the east coast of Japan, leaving nearly 20,000 dead. The natural disaster was compounded by the near meltdown of the Fukushima nuclear reactor.
But it was the actions of a single man in late 2010 that would have the most profound effect, one still felt today.
Driven to despair at continuous police harassment, poor Tunisian street seller Mohamed Bouazizi died by suicide by setting himself on fire.
Bouazizi’s death would set in motion a series of Arab uprisings – protests calling for reforms and rights would see long-established regimes and leaders challenged.
Tunisia’s Zine El Abidine Ben Ali would be the first to go, with demonstrations in Cairo’s Tahir Square then leading to the fall of Egypt’s president Hosni Mubarak in February 2010.
Protests in Libya would lead to the unthinkable – the fall and death of Muammar Qaddafi, the country’s effective leader since the 1960s, and the start of turmoil that continues to this day.
In Syria, President Bashar Al Assad began to unleash his army on his opponents, and by mid-2012, Aleppo was the scene of a bloody and protracted siege. Amid allegations of chemical weapons use by his forces, the flood of refugees turned into a torrent.
Across the border, in Iraq, a new horror was emerging: ISIS. The terrorist group had many names but one goal: the enforcing of an extreme and twisted version of Islam and proclaiming of a worldwide caliphate.
Emerging from the Iraqi insurgency that followed the 2003 US-led invasion, ISIS exploited the enveloping chaos. Gathering strength in 2013, extremists captured Mosul within a year and threatened Baghdad. Mass executions were their hallmark, while historic monuments including Mosul’s tomb of Jonah and the 850-year-old Al Hadba Minaret of Al Nuri Mosque were destroyed. In 2015, it was the turn of Palmyra, the Roman city and world heritage site.
Ancient buildings were reduced to rubble and the Roman amphitheatre turned into a grotesque forum for public executions, with victims including the site’s 82-year-old archeologist, Khaled Al Asaad, beheaded for refusing to reveal where he had hidden valuable artefacts. An international coalition was formed to combat ISIS, with the US joined by five Arab allies, including the UAE. Female Emirati pilot Mariam Al Mansouri led the air strikes in her F-16 Fighting Falcon, a powerful message that rejected the oppression of women and warped values of the extremists.
By 2016, the tide was turning, with ISIS driven out of Mosul by early 2017, its so-called caliphate reduced to a dwindling patch of land, its fighters dead or captured.
But its influence was less easily contained. A series of terrorist attacks by ISIS and its supporters killed hundreds across Europe. Suicide bombers killed 137 in Paris in November 2015 and eight journalists at the magazine Charlie Hebdo the same year. Young concert-goers enjoying a performance by Ariana Grande were killed by another suicide bomber at the UK’s Manchester Arena in May 2017, an attack that left 22 dead and 250 injured.
In this uncertain world, a new breed of populist politicians emerged. At the forefront of these was the bombastic and confrontational, loved by his supporters and equally loathed by opponents, 45th US president Donald Trump, who seems a perfect symbol of what often seems a chaotic past five years.
From the growing threat of the climate crisis, to the desperate plight of refugees fleeing Africa and the Middle East, the return of the Taliban in Afghanistan, the nuclear ambitions of Iran and North Korea, the impression is of a world slipping out of our control. Above all, there was the Covid-19 pandemic, emerging in late 2019, and shutting the world down for more than two years, leaving millions dead and entire economies in ruins.
Now there is war in Ukraine and a global energy shock that has driven inflation, threatened the banking sector and heightened international tensions to a level not seen since the Cold War.
It is not a pretty picture, as The National turns 15. But it is not the whole story. Even the worst storms are interspaced with sunshine, and there has been plenty of good news since 2008.
Even the pandemic was, in the end, a triumph for science, with medical breakthroughs on vaccinations that have enormous potential for other diseases.
The global community continues to work towards halting climate change, coming together again later this year at Cop28 in Dubai.
The UAE can also reflect on its achievements, from the visit of Pope Francis in 2019 to Expo 2020 Dubai.
In science, there was the Hope probe to Mars in 2021, the first by an Arab nation, and the first UAE astronaut, Hazza Al Mansouri, in 2019, now followed by Sultan Al Neyadi, currently carrying out the first long-term mission on the International Space Station by an Emirati.
In a few days, Al Neyadi will become the first Arab astronaut to walk in space, looking down from 400km at the place all seven billion of us call home. It is a moment to reflect on how far we have come, and how far we might go in the next 15 years.
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20Apple%20M3%2C%208-core%20CPU%2C%20up%20to%2010-core%20CPU%2C%2016-core%20Neural%20Engine%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%2013.6-inch%20Liquid%20Retina%2C%202560%20x%201664%2C%20224ppi%2C%20500%20nits%2C%20True%20Tone%2C%20wide%20colour%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%208%2F16%2F24GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStorage%3A%3C%2Fstrong%3E%20256%2F512GB%20%2F%201%2F2TB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20Thunderbolt%203%2FUSB-4%20(2)%2C%203.5mm%20audio%2C%20Touch%20ID%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20Wi-Fi%206E%2C%20Bluetooth%205.3%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%2052.6Wh%20lithium-polymer%2C%20up%20to%2018%20hours%2C%20MagSafe%20charging%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECamera%3A%3C%2Fstrong%3E%201080p%20FaceTime%20HD%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%20Support%20for%20Apple%20ProRes%2C%20HDR%20with%20Dolby%20Vision%2C%20HDR10%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAudio%3A%3C%2Fstrong%3E%204-speaker%20system%2C%20wide%20stereo%2C%20support%20for%20Dolby%20Atmos%2C%20Spatial%20Audio%20and%20dynamic%20head%20tracking%20(with%20AirPods)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20Midnight%2C%20silver%2C%20space%20grey%2C%20starlight%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20MacBook%20Air%2C%2030W%2F35W%20dual-port%2F70w%20power%20adapter%2C%20USB-C-to-MagSafe%20cable%2C%202%20Apple%20stickers%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh4%2C599%3C%2Fp%3E%0A
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
more from Janine di Giovanni
Killing of Qassem Suleimani
PREMIER LEAGUE FIXTURES
Saturday (UAE kick-off times)
Watford v Leicester City (3.30pm)
Brighton v Arsenal (6pm)
West Ham v Wolves (8.30pm)
Bournemouth v Crystal Palace (10.45pm)
Sunday
Newcastle United v Sheffield United (5pm)
Aston Villa v Chelsea (7.15pm)
Everton v Liverpool (10pm)
Monday
Manchester City v Burnley (11pm)
England squad
Moeen Ali, James Anderson, Jofra Archer, Jonny Bairstow, Dominic Bess, James Bracey, Stuart Broad, Rory Burns, Jos Buttler, Zak Crawley, Sam Curran, Joe Denly, Ben Foakes, Lewis Gregory, Keaton Jennings, Dan Lawrence, Jack Leach, Saqib Mahmood, Craig Overton, Jamie Overton, Matthew Parkinson, Ollie Pope, Ollie Robinson, Joe Root, Dom Sibley, Ben Stokes, Olly Stone, Amar Virdi, Chris Woakes, Mark Wood
Types of bank fraud
1) Phishing
Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
2) Smishing
The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
3) Vishing
The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
4) SIM swap
Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
5) Identity theft
Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
6) Prize scams
Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
Ukraine%20exports
%3Cp%3EPresident%20Volodymyr%20Zelenskyy%20has%20overseen%20grain%20being%20loaded%20for%20export%20onto%20a%20Turkish%20ship%20following%20a%20deal%20with%20Russia%20brokered%20by%20the%20UN%20and%20Turkey.%3Cbr%3E%22The%20first%20vessel%2C%20the%20first%20ship%20is%20being%20loaded%20since%20the%20beginning%20of%20the%20war.%20This%20is%20a%20Turkish%20vessel%2C%22%20Zelensky%20said%2C%20adding%20exports%20could%20start%20in%20%22the%20coming%20days%22%20under%20the%20plan%20aimed%20at%20getting%20millions%20of%20tonnes%20of%20Ukrainian%20grain%20stranded%20by%20Russia's%20naval%20blockade%20to%20world%20markets.%3Cbr%3E%22Our%20side%20is%20fully%20prepared%2C%22%20he%20said.%20%22We%20sent%20all%20the%20signals%20to%20our%20partners%20--%20the%20UN%20and%20Turkey%2C%20and%20our%20military%20guarantees%20the%20security%20situation.%22%3C%2Fp%3E%0A
THE SPECS
Engine: 3.9-litre twin-turbo V8
Transmission: seven-speed dual clutch
Power: 710bhp
Torque: 770Nm
Speed: 0-100km/h 2.9 seconds
Top Speed: 340km/h
Price: Dh1,000,885
On sale: now
More from Neighbourhood Watch:
UAE currency: the story behind the money in your pockets
MATCH INFO
Uefa Champions League semi-finals, second leg:
Liverpool (0) v Barcelona (3), Tuesday, 11pm UAE
Game is on BeIN Sports
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
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
BUNDESLIGA FIXTURES
Saturday, May 16 (kick-offs UAE time)
Borussia Dortmund v Schalke (4.30pm)
RB Leipzig v Freiburg (4.30pm)
Hoffenheim v Hertha Berlin (4.30pm)
Fortuna Dusseldorf v Paderborn (4.30pm)
Augsburg v Wolfsburg (4.30pm)
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)
Sunday, May 17
Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)
Monday, May 18
Werder Bremen v Bayer Leverkusen (9.30pm)
Tributes from the UAE's personal finance community
• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style
“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.
Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term.
From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”
• Sam Instone, director of financial advisory firm AES International
"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed. Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."
• Demos Kyprianou, a board member of SimplyFI.org
"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."
• Steve Cronin, founder of DeadSimpleSaving.com
"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.
His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.
Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."
• Zach Holz, who blogs about financial independence at The Happiest Teacher
"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen. He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”
• Tuan Phan, a board member of SimplyFI.org
"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."
Simran
Director Hansal Mehta
Stars: Kangana Ranaut, Soham Shah, Esha Tiwari Pandey
Three stars
THE BIO: Mohammed Ashiq Ali
Proudest achievement: “I came to a new country and started this shop”
Favourite TV programme: the news
Favourite place in Dubai: Al Fahidi. “They started the metro in 2009 and I didn’t take it yet.”
Family: six sons in Dubai and a daughter in Faisalabad
360Vuz PROFILE
Date started: January 2017
Founder: Khaled Zaatarah
Based: Dubai and Los Angeles
Sector: Technology
Size: 21 employees
Funding: $7 million
Investors: Shorooq Partners, KBW Ventures, Vision Ventures, Hala Ventures, 500Startups, Plug and Play, Magnus Olsson, Samih Toukan, Jonathan Labin
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Duminy's Test career in numbers
Tests 46; Runs 2,103; Best 166; Average 32.85; 100s 6; 50s 8; Wickets 42; Best 4-47
