Economic productivity in the early 21st looks very different to what came before. It is knowledge-driven and diversified by globalisation. To attain productivity growth, countries these days need a sophisticated policy toolkit that diversifies their economies, harnesses talent and manages development.
This week’s announcement that the UAE plans to become the “start-up capital of the world” is an example of the adaptability and ambition required for success in this era. Among the initiative’s targets are plans to boost the number of companies operating in the Arab world's second-largest economy by nearly 67 per cent – to 2 million – by 2031, with a focus on developing the small-and-medium enterprises as critical engine drivers for the economy.
As well as developing the Emirates’ established reputation as an attractive destination for global talent, the campaign also intends to attract and train 10,000 Emiratis to set up their own businesses in sectors of strategic importance. Given that SMEs form the backbone of a dynamic economy, contributing more than 63 per cent of non-oil gross domestic product in the UAE, creating and supporting more of them is a complimentary strategy to the other policy choices that have underpinned the UAE’s success: a progressive visa regime, natural resource wealth that’s used to drive a diversifying economy, a high standard of living and the embrace of cutting-edge technology.
That this national campaign was publicly launched by Sheikh Mohammed bin Rashid, UAE Vice President and Ruler of Dubai alongside Sheikh Mansour bin Zayed, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, and a number of Cabinet members reveals it to be a significant statement of intent and a signal to investors that it is serious about a productive economy.
This latest campaign sits alongside a collection of UAE initiatives that, when taken together, symbolise a national drive. The StartupEmirates.ae Digital Platform will provide free mentorship programmes and connect young people with start-ups, aiming to create 30,000 new jobs by 2030. Operation 300bn, a 10-year strategy launched four years ago, aims to position the country as an industrial centre by 2031 and boost the sector’s GDP contribution to Dh300 billion from Dh133 billion in 2021. Make it in the Emirates is another established government initiative that encourages more manufacturing in the UAE.
This latest campaign sits alongside a collection of UAE initiatives that, when taken together, symbolise a national drive
This is all taking place in a country that is working diligently to harness the advantages of globalalised capital – and mitigate the risks. On one hand free zones and business incubators offer flexibility to local and foreign companies that sense opportunity in the UAE. Evolving business regulation, unemployment insurance and medical care for staff, and strong oversight regarding financial flows are other important elements in this national policy toolkit.
As technological innovation continues to revolutionise existing economic models, it is up to each country to do what it thinks best for their economies and societies. For some, that means a return to protectionism or pushing for the onshoring of previously outsourced manufacturing. For the UAE, it is about adopting a balanced approach – building more businesses at home while nurturing international partnerships but all the while encouraging the next generation to realise their ambitions.
The finalists
Player of the Century, 2001-2020: Cristiano Ronaldo (Juventus), Lionel Messi (Barcelona), Mohamed Salah (Liverpool), Ronaldinho
Coach of the Century, 2001-2020: Pep Guardiola (Manchester City), Jose Mourinho (Tottenham Hotspur), Zinedine Zidane (Real Madrid), Sir Alex Ferguson
Club of the Century, 2001-2020: Al Ahly (Egypt), Bayern Munich (Germany), Barcelona (Spain), Real Madrid (Spain)
Player of the Year: Cristiano Ronaldo, Lionel Messi, Robert Lewandowski (Bayern Munich)
Club of the Year: Bayern Munich, Liverpool, Real Madrid
Coach of the Year: Gian Piero Gasperini (Atalanta), Hans-Dieter Flick (Bayern Munich), Jurgen Klopp (Liverpool)
Agent of the Century, 2001-2020: Giovanni Branchini, Jorge Mendes, Mino Raiola
The specs: 2019 Infiniti QX50
Price, base: Dh138,000 (estimate)
Engine: 2.0L, turbocharged, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 268hp @ 5,600rpm
Torque: 380Nm @ 4,400rpm
Fuel economy: 6.7L / 100km (estimate)
How it works
Each player begins with one of the great empires of history, from Julius Caesar's Rome to Ramses of Egypt, spread over Europe and the Middle East.
Round by round, the player expands their empire. The more land they have, the more money they can take from their coffers for each go.
As unruled land and soldiers are acquired, players must feed them. When a player comes up against land held by another army, they can choose to battle for supremacy.
A dice-based battle system is used and players can get the edge on their enemy with by deploying a renowned hero on the battlefield.
Players that lose battles and land will find their coffers dwindle and troops go hungry. The end goal? Global domination of course.
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
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
The biog
Alwyn Stephen says much of his success is a result of taking an educated chance on business decisions.
His advice to anyone starting out in business is to have no fear as life is about taking on challenges.
“If you have the ambition and dream of something, follow that dream, be positive, determined and set goals.
"Nothing and no-one can stop you from succeeding with the right work application, and a little bit of luck along the way.”
Mr Stephen sells his luxury fragrances at selected perfumeries around the UAE, including the House of Niche Boutique in Al Seef.
He relaxes by spending time with his family at home, and enjoying his wife’s India cooking.
UAE currency: the story behind the money in your pockets
How to report a beggar
Abu Dhabi – Call 999 or 8002626 (Aman Service)
Dubai – Call 800243
Sharjah – Call 065632222
Ras Al Khaimah - Call 072053372
Ajman – Call 067401616
Umm Al Quwain – Call 999
Fujairah - Call 092051100 or 092224411
The specs: 2018 Mazda CX-5
Price, base / as tested: Dh89,000 / Dh130,000
Engine: 2.5-litre four-cylinder
Power: 188hp @ 6,000rpm
Torque: 251Nm @ 4,000rpm
Transmission: Six-speed automatic
Fuel consumption, combined: 7.1L / 100km
Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
More from Rashmee Roshan Lall
Red Sparrow
Dir: Francis Lawrence
Starring: Jennifer Lawrence, Joel Egerton, Charlotte Rampling, Jeremy Irons
Three stars
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Cinco in numbers
Dh3.7 million
The estimated cost of Victoria Swarovski’s gem-encrusted Michael Cinco wedding gown
46
The number, in kilograms, that Swarovski’s wedding gown weighed.
1,000
The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]
50
How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday
3,000
The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.
1.1 million
The number of followers that Michael Cinco’s Instagram account has garnered.
Small Victories: The True Story of Faith No More by Adrian Harte
Jawbone Press
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
