Arab countries must improve their economic competitiveness if they are to overcome their biggest challenge - unemployment - according to a report from the World Economic Forum.
The findings of the Arab World Competitiveness Report were presented at the WEF Middle East meeting in Jordan yesterday. Some Arabian Gulf countries, including Qatar and the UAE, improved their competitiveness in 2012-13, moving up the global leagues.
Other economies - such as those of Egypt and Yemen - deteriorated compared with world rivals.
The WEF said: "The Arab world urgently needs institutional reform and extra investment in education if it is to create enough jobs for its youthful and growing populations." Competitiveness is defined by the WEF as the potential ability of a country to grow in the medium term.
The Swiss-based WEF puts Switzerland at number one in the world competitiveness tables, ahead of Singapore and Finland. Hong Kong is ranked ninth.
Qatar is the highest placed Arab country in the tables, at 11th place, up one ranking from last year. Saudi Arabia is the second in 18th position, down one slot.
The UAE rose three places to 24th position, ahead of big economies such as China, Turkey and Brazil. Margareta Drzeniek, the WEF's lead economist, said that the lower ranking of the UAE reflected the fact its economy was already more diversified than Qatar or Saudi. "We regard the UAE now as an innovation economy," she added.
"Overall, the UAE's competitiveness reflects the high quality of its infrastructure, as well as its highly efficient good market. Strong macroeconomic stability and some positive aspects of the country's institutions - such as an improving trust in politicians and high government efficiency - round up the list of competitive advantages," she said.
"Going forward, putting the country on a more stable development path will require further investment to boost health and educational outcomes," she added.
The report identifies a number of areas where "regional leaders could prioritise reform and in order to unlock barriers to job creation and private sector expansion". It found a "pervasive education and innovation gap in countries in the Gulf". Weak institutions, infrastructure and labour markets hinder the rest of the Arab world, the report said.
WEF said that "leaders in the Arab world who embrace the challenge of lifting competitiveness and enabling private sector growth could look forward to a 'win-win' scenario of higher employment and greater social stability".
Other ranking nations were Oman at 32nd, Bahrain at 35th and Kuwait at 37th.
"Part of the components of competitiveness is the hardware," said Yasar Jarrar, a partner of the consulting firm Bain and Company. "Part of it is loosening up rules and, for example, making it easier for people to get visas and making it easier for people to start businesses. On those aspects, the UAE, Saudi Arabia and Qatar have gone a long way.
"However, we are still uncompetitive compared to the Hong Kongs and the Singapores out there because of poorer performance in the software aspects. These are higher education systems, the talent pipeline, productivity and IT," he added.
The forum also considered small-to-medium enterprises, one of the areas economists believe can help a country improve its competitiveness.
SMEs account for the majority of companies in the region and provide a significant portion of private-sector employment.
But loans to small businesses in the region make up only 8 per cent of total lending, short of double-digit levels in other developing nations. The shortfall means they are starved of capital needed to grow and flourish. Red tape and an excess of other regulations can also stop them from growing, one session heard.
"In this region first you need the growth and second you need the competitiveness," said Jin-Yong Cai, the chief executive of International Finance Corporation, the private sector investment arm of the World Bank. "Creating a company requires ensuring it has a competitive edge."
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Sholto Byrnes on Myanmar politics
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
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Mohammed bin Zayed Majlis
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1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
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World Series: South Africa
Women’s World Series: Australia
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Gulf Women: Dubai Sports City Eagles
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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.
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Four-day collections of TOH
Day Indian Rs (Dh)
Thursday 500.75 million (25.23m)
Friday 280.25m (14.12m)
Saturday 220.75m (11.21m)
Sunday 170.25m (8.58m)
Total 1.19bn (59.15m)
(Figures in millions, approximate)
Red Sparrow
Dir: Francis Lawrence
Starring: Jennifer Lawrence, Joel Egerton, Charlotte Rampling, Jeremy Irons
Three stars
Email sent to Uber team from chief executive Dara Khosrowshahi
From: Dara
To: Team@
Date: March 25, 2019 at 11:45pm PT
Subj: Accelerating in the Middle East
Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.
Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.
I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.
This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.
It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.
Uber on,
Dara
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
Results
Final: Iran beat Spain 6-3.
Play-off 3rd: UAE beat Russia 2-1 (in extra time).
Play-off 5th: Japan beat Egypt 7-2.
Play-off 7th: Italy beat Mexico 3-2.
UAE currency: the story behind the money in your pockets
Match info
Newcastle United 1
Joselu (11')
Tottenham Hotspur 2
Vertonghen (8'), Alli (18')
LILO & STITCH
Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5
Zayed Sustainability Prize
If you go
The flights
Return flights from Dubai to Santiago, via Sao Paolo cost from Dh5,295 with Emirates.
The trip
A five-day trip (not including two days of flight travel) was split between Santiago and in Puerto Varas, with more time spent in the later where excursions were organised by TurisTour.
When to go
The summer months, from December to February are best though there is beauty in each season
Palestine and Israel - live updates
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Du Plessis plans his retirement
South Africa captain Faf du Plessis said on Friday the Twenty20 World Cup in Australia in two years' time will be his last.
Du Plessis, 34, who has led his country in two World T20 campaigns, in 2014 and 2016, is keen to play a third but will then step aside.
"The T20 World Cup in 2020 is something I'm really looking forward to. I think right now that will probably be the last tournament for me," he said in Brisbane ahead of a one-off T20 against Australia on Saturday.
Aston martin DBX specs
Engine: 4.0-litre twin-turbo V8
Transmission: nine-speed automatic
Power: 542bhp
Torque: 700Nm
Top speed: 291kph
Price: Dh848,000
On sale: Q2, 2020
UAE currency: the story behind the money in your pockets
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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KILLING OF QASSEM SULEIMANI
The five pillars of Islam
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
Six large-scale objects on show
- Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
- The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
- A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
- Frank Lloyd Wright’s 1930s Kaufmann Office
- A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
- Torrijos Palace dome
The most expensive investment mistake you will ever make
When is the best time to start saving in a pension? The answer is simple – at the earliest possible moment. The first pound, euro, dollar or dirham you invest is the most valuable, as it has so much longer to grow in value. If you start in your twenties, it could be invested for 40 years or more, which means you have decades for compound interest to work its magic.
“You get growth upon growth upon growth, followed by more growth. The earlier you start the process, the more it will all roll up,” says Chris Davies, chartered financial planner at The Fry Group in Dubai.
This table shows how much you would have in your pension at age 65, depending on when you start and how much you pay in (it assumes your investments grow 7 per cent a year after charges and you have no other savings).
|
Age
|
$250 a month
|
$500 a month
|
$1,000 a month
|
|
25
|
$640,829
|
$1,281,657
|
$2,563,315
|
|
35
|
$303,219
|
$606,439
|
$1,212,877
|
|
45
|
$131,596
|
$263,191
|
$526,382
|
|
55
|
$44,351
|
$88,702
|
$177,403
|
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The%20specs%3A%202024%20Mercedes%20E200
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Mohammed bin Zayed Majlis
