Throughout the Middle East there have been many attempts to embolden young people and get them positively engaged in society. Through the Emirates Youth Council (EYC), this country is taking concrete steps towards the goal of youth empowerment on a local and national level.
The Ministry of Interior created the EYC this year to help identify challenges facing young people under the directive of Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior. The EYC is headed by 22-year-old Shamma Al Mazrui, Minister of State for Youth Affairs. As The National reported over the weekend, two new youth councils have recently been announced – one in Sharjah and one in Fujairah. These councils include young professionals from different backgrounds and specialisations and the new branches follow similar councils in Ajman and Dubai.
The empowerment of youth, in a country with a young and vibrant population, is a prudent measure. Sheikh Mohammed bin Rashid, Vice President and Prime Minister and Ruler of Dubai, made this clear when he approved the 100-day plan to establish youth councils across the country that “governments cannot carry out sustainable development without meaningful partnerships with the youth”. The action plan introduced a unique long-term national strategy to ensure that young people are supported and actively engaged, starting from the establishments of youth councils to the launch of the Youth Endowment last month to support those who aspire to start their own businesses and advance their entrepreneurial skills.
The EYC has already started organising Youth Circles, which aim to promote better communication between the Government and young people by allowing any one to register to participate in periodical meetings taking place throughout the Emirates to discuss issues that concerns them, including national identity, sustainability, health and education. By doing so, the Government is translating belief into concrete action. Youth engagement has been discussed widely in the region before but without real progress. The UAE, yet again, provides an example for other countries to follow.
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Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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The Melbourne Mercer Global Pension Index
The Melbourne Mercer Global Pension Index
Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.
The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.
“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.
“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”
Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.
Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.
“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.
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The Disaster Artist
Director: James Franco
Starring: James Franco, Dave Franco, Seth Rogan
Four stars
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
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Tree of Hell
Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla
Director: Raed Zeno
Rating: 4/5
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
SERIE A FIXTURES
Saturday Spezia v Lazio (6pm), Juventus v Torino (9pm), Inter Milan v Bologna (7.45pm)
Sunday Verona v Cagliari (3.30pm), Parma v Benevento, AS Roma v Sassuolo, Udinese v Atalanta (all 6pm), Crotone v Napoli (9pm), Sampdoria v AC Milan (11.45pm)
Monday Fiorentina v Genoa (11.45pm)
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
