In 2003, Dubai was fast-earning a reputation as one of the world’s fastest-growing financial centres. With a track record of turning ambitious visions to reality, the city cemented its status by hosting the annual meetings of the International Monetary Fund (IMF) and World Bank in September of that year.
As the first IMF-World Bank convention to be held in an Arab country, it was a testament to the UAE’s rise to global power under the leadership of the UAE Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan.
The city and nation were chosen for their advanced transport and logistics infrastructure, their emergence as a financial powerhouse, and their potential for future growth. It was also the first major event held at Dubai International Convention and Exhibition Centre, and the UAE minted a special dirham coin to mark the occasion, featuring a rare colour design.
After three years of local and federal planning, Dubai and the UAE proved their ability to host an international event on the largest stage, spanning hundreds of engagements and dozens of hotels ― a major milestone on the road to Expo 2020.
The UAE had the honour of representing the interests of 13 countries at the IMF, including Bahrain, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Oman, Qatar, Syria, Yemen, Maldives and itself.
During the event, more than 16,000 visitors from more than 184 countries discussed prospects for the global economy, international financial markets, crisis-prevention mechanisms and how to lower poverty levels.
The event was hailed as an opportunity to display the region's potential for staging world events, as well as foreign investment. In the years that followed, Dubai and the UAE have continued to attract growing volumes of international investments, and increasingly larger events.
After Dubai 2003, the event’s general co-ordinator, Ibrahim Belselah, said: “The event was successful by all means and was termed as the best meetings in the history of World Bank and IMF.”
Most amazingly, 90 per cent of the officials who attended had never visited the region before and were “surprised and impressed with the facilities”, from the speedy processing at Dubai International Airport, to the standard of Dubai’s hotels and the facilities at Dubai’s new Convention Centre.
“Everyone was praising Dubai standards, its services, the hospitality and the security," Mr Belselah said. "I received more than 600 telephone calls and numerous emails after the event all praising and enquiring about the investment potentials here.”
Through the event’s success, Mr Belsaleh said the emirate “established itself as a brand name for quality”.
“The world's financial and political decision makers will promote Dubai worldwide, just by talking about Dubai 2003 in the next meetings they will attend," he said. "All of them are opinion-makers in their countries and can influence the media and contribute to changing the stereotype image of the region."
In a report, Qasim Sultan Al Banna, head of the event’s organising committee, said: "What seemed like a daunting task at the onset, shaped into one of our country's greatest achievements. While some doubted the UAE's readiness to orchestrate such a challenging task, as UAE nationals, we firmly believed in ourselves and [have] undertaken the challenge with vigour and enthusiasm.”
Mr Al Banna thanked the late minister of finance and chairman of the steering committee, Sheikh Hamdan bin Rashid Al Maktoum, for encouraging the team to excel in every undertaking, as well as Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, and the country's leadership.
He said: “Needless to say, we were absolutely thrilled when the 2003 annual meetings were labelled the 'best ever' by numerous bank and fund officials and participants at large."
Scroll through images of another milestone for Dubai and the UAE, Expo 2020, below
Checks continue
A High Court judge issued an interim order on Friday suspending a decision by Agriculture Minister Edwin Poots to direct a stop to Brexit agri-food checks at Northern Ireland ports.
Mr Justice Colton said he was making the temporary direction until a judicial review of the minister's unilateral action this week to order a halt to port checks that are required under the Northern Ireland Protocol.
Civil servants have yet to implement the instruction, pending legal clarity on their obligations, and checks are continuing.
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Company%C2%A0profile
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The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
On sale: Now
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A list of the animal rescue organisations in the UAE
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
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The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
The biog
Name: Dr Lalia Al Helaly
Education: PhD in Sociology from Cairo
Favourite authors: Elif Shafaq and Nizar Qabbani.
Favourite music: classical Arabic music such as Um Khalthoum and Abdul Wahab,
She loves the beach and advises her clients to go for meditation.
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
