The Swiss town of Davos hosts the World Economic Forum every year. Reuters
The Swiss town of Davos hosts the World Economic Forum every year. Reuters
The Swiss town of Davos hosts the World Economic Forum every year. Reuters
The Swiss town of Davos hosts the World Economic Forum every year. Reuters


The case for the World Economic Forum is only getting stronger


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December 29, 2023

As 2023 draws to a close, we find the traditional system of co-operation between multiple nations, often called multilateralism, is thriving again. Evidence of the past few weeks alone shows how it is not quite as obsolete as some observers have claimed in recent years. At Cop28, for example, 198 parties agreed on a way forward for further reducing harmful carbon emissions which included – for the first time – a transition away from fossil fuels that may yet save the goal of limiting global warming to 1.5°C above pre-industrial levels.

The EU has also set out the first set of rules on the use of artificial intelligence, a moment which will prove to be historic as the era of AI accelerates. Equally, the conflicts in Gaza and Ukraine, have shown the limits of multilateralism. An end to either of those wars is no closer and the mechanisms built into the UN seem ill-equipped to stop the spilling of the blood of the innocent. So, we must use every opportunity to refine and reform multilateralist institutions to meet the most difficult challenges we face.

It is less than a month away from the World Economic Forum’s annual meeting in Davos, which has been a champion of multilateralism for more than half a century. The event is yearly accused of being little more than a talking shop or an echo chamber for the elite. It is worth, however, flipping such criticism on its head in order to understand why it still matters a great deal in terms of fostering more effective co-operation.

World Economic Forum founder Klaus Schwab speaks at Davos, where political and business elites gather for the annual summit. AFP
World Economic Forum founder Klaus Schwab speaks at Davos, where political and business elites gather for the annual summit. AFP

The annual meeting’s secret sauce is being able to physically bring together government and business leaders, billionaires, scientists, experts, grass roots campaigners, journalists, film stars and athletes for a few days in snowy, freezing January and once they enter the rarefied halls of the Kongress Centre put them all on an equal intellectual footing.

Barriers – social, economic and political – come down and profound discussions can happen between the most unlikely individuals, bridging differences and changing minds. Outside of the conference venue, the Swiss mountain town typically hosts more than 10,000 people who choose this week to connect with clients, investors and the media, providing gravitas and inspiration.

The very cold weather and the security cordons, not to mention the walking on icy treacherous streets, adds an element of difficulty to daily life that also helps to reduce egos.

Barriers come down and profound discussions can happen between the most unlikely individuals

Many of the most critical issues of our time, including resolving conflict, improving access to economic opportunity, climate change and how best to manage a fractured system of global trade, dominate much of the conversations being had.

As a result, Davos is increasingly a rare thing. A time and place when actual discourse can occur. It is impossible to overestimate how important it is to have as many such opportunities as possible in this polarised economic and political landscape.

Back in the early 1970s when Professor Klaus Schwab founded the World Economic Forum, this was the very spirit he was seeking to instil amid the height of the Cold War.

Since then the world has been re-ordered several times.

The World Economic Forum has in recent years been one of a dwindling group of institutions championing the benefits of globalisation, capitalism and multilateralism, while also using the convening power of its annual meeting in Davos to attempt to manifest better versions of all of these concepts.

The Forum has offered a platform to as broad a collection of voices as possible, inviting the personification of populism, for example, Donald Trump to the gathering in 2018. The following year Greta Thunberg was invited to the meeting where she added momentum for the youth-led climate activism that had exploded into our consciousness the summer before. These were two perspectives on how our futures needed to be shaped that were in direct opposition to each other, yet somehow could coexist without needing to extinguish the oxygen of the other. This doesn't regularly occur on social media sites yet Davos makes this happen time and again.

Similarly, Chinese officials will often attend the annual meeting regardless of the state of geopolitical tensions with other world powers and the spiky rhetoric between them. It is reported Beijing will, next month, send its most significant delegation to Davos in more than five years. The United States is always represented by senior administration officials, past and present. There is then the chance of better understanding between the two largest economies.

Recently, the presence in Davos of rapidly developing economies like the UAE and Saudi Arabia has become more pronounced. The Gulf countries have charted a path to prosperity even as they face some of the most daunting challenges. They offer an exciting example for Europe and the US, as the region takes on greater responsibility for leading the energy transition.

The Gulf's youthful populations expect to achieve high standards of living and well-being. Although there are daily reminders of geopolitical reality of where these countries are located, foreign direct investment is flowing in at faster levels than ever. Actors such as the UAE are the new standard bearers for multilateralism and they will help ensure it can continue to be an effective pathway for increased understanding no matter the polarisation and differences that plague our world.

Brief scores:

Toss: Northern Warriors, elected to field first

Bengal Tigers 130-1 (10 ov)

Roy 60 not out, Rutherford 47 not out

Northern Warriors 94-7 (10 ov)

Simmons 44; Yamin 4-4

Milestones on the road to union

1970

October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar. 

December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.

1971

March 1:  Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.

July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.

July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.

August 6:  The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.

August 15: Bahrain becomes independent.

September 3: Qatar becomes independent.

November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.

November 29:  At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.

November 30: Despite  a power sharing agreement, Tehran takes full control of Abu Musa. 

November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties

December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.

December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.

December 9: UAE joins the United Nations.

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

The biog

Name: James Mullan

Nationality: Irish

Family: Wife, Pom; and daughters Kate, 18, and Ciara, 13, who attend Jumeirah English Speaking School (JESS)

Favourite book or author: “That’s a really difficult question. I’m a big fan of Donna Tartt, The Secret History. I’d recommend that, go and have a read of that.”

Dream: “It would be to continue to have fun and to work with really interesting people, which I have been very fortunate to do for a lot of my life. I just enjoy working with very smart, fun people.”

The five pillars of Islam
UAE currency: the story behind the money in your pockets

Result
Qualifier: Islamabad United beat Karachi Kings by eight wickets

Fixtures
Tuesday, Lahore: Eliminator 1 - Peshawar Zalmi v Quetta Gladiators
Wednesday, Lahore: Eliminator 2 – Karachi Kings v Winner of Eliminator 1
Sunday, Karachi: Final – Islamabad United v Winner of Eliminator 2

Profile

Company: Libra Project

Based: Masdar City, ADGM, London and Delaware

Launch year: 2017

Size: A team of 12 with six employed full-time

Sector: Renewable energy

Funding: $500,000 in Series A funding from family and friends in 2018. A Series B round looking to raise $1.5m is now live.

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%201.8-litre%204-cyl%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E190hp%20at%205%2C200rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20320Nm%20from%201%2C800-5%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESeven-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%3C%2Fstrong%3E%206.7L%2F100km%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh111%2C195%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
What the law says

Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.

“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.

“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”

If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EEjari%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ERiyadh%2C%20Saudi%20Arabia%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EYazeed%20Al%20Shamsi%2C%20Fahad%20Albedah%2C%20Mohammed%20Alkhelewy%20and%20Khalid%20Almunif%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EPropTech%3Cbr%3E%3Cstrong%3ETotal%20funding%3A%20%3C%2Fstrong%3E%241%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3ESanabil%20500%20Mena%2C%20Hambro%20Perks'%20Oryx%20Fund%20and%20angel%20investors%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%20%3C%2Fstrong%3E8%3C%2Fp%3E%0A
Brief scores

Day 1

Toss England, chose to bat

England, 1st innings 357-5 (87 overs): Root 184 not out, Moeen 61 not out, Stokes 56; Philander 3-46

LILO & STITCH

Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders

Director: Dean Fleischer Camp

Rating: 4.5/5

The%20Specs%20
%3Cp%3E%3Cstrong%3ELamborghini%20LM002%3C%2Fstrong%3E%3Cbr%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%205.2-litre%20V12%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20450hp%20at%206%2C800rpm%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E500Nm%20at%204%2C500rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3EFive-speed%20manual%3Cbr%3E%3Cstrong%3E0-100kph%3A%3C%2Fstrong%3E%209%20seconds%20(approx)%3Cbr%3E%3Cstrong%3ETop%20speed%3A%3C%2Fstrong%3E%20210kph%20(approx)%3Cbr%3E%3Cstrong%3EYears%20built%3A%3C%2Fstrong%3E%201986-93%3Cbr%3E%3Cstrong%3ETotal%20vehicles%20built%3A%3C%2Fstrong%3E%20328%3Cbr%3E%3Cstrong%3EValue%20today%3A%3C%2Fstrong%3E%20%24300%2C000%2B%3Cbr%3E%3C%2Fp%3E%0A
About Housecall

Date started: July 2020

Founders: Omar and Humaid Alzaabi

Based: Abu Dhabi

Sector: HealthTech

# of staff: 10

Funding to date: Self-funded

New Zealand 21 British & Irish Lions 24

New Zealand
Penalties: Barrett (7)

British & Irish Lions
Tries: Faletau, Murray
Penalties: Farrell (4)
Conversions: Farrell 
 

Updated: December 30, 2023, 6:26 PM