Is Dubai the future of cities?
- Dubai: The City of the Future! Dubai is embracing the concept of a futurist city with the introduction of the fastest land transportation system in the history of mankind (the Hyperloop), flying taxis (due to launch in July 2017), Museum of the Future and a recent innovative ministry, called the Ministry of Happiness.
What will be the future of Dubai?
As the region’s most dynamic city, Dubai has set out ambitious growth plans for the next decade. Already the Middle East’s top destination for foreign investment, Dubai is aiming to become the world’s smartest city by 2021; the most visited city by 2025; and the global hub of the Islamic economy within the next decade.
What will happen in the future of UAE?
The UAE aims to be the world’s best country in the Global Food Security Index by 2051 and among the top 10 countries by 2021. The UAE aims to be the world’s best country in the Global Food Security Index by 2051 and among the top 10 countries by 2021.
Does Dubai have a sustainable future?
Dubai is among the cities with the lowest levels of precipitation. There are many developments being made in Dubai to maximize the utility of water available, such as The Sustainable City, a housing development where water and waste are recycled and residents pay rent that is similar to other nearby developments.
How is Dubai economy doing now?
DUBAI, United Arab Emirates — Dubai’s economy contracted by 10.9% year-on-year in 2020, data from the Dubai Statistics Center revealed, reflecting a city hit hard by the coronavirus pandemic and the halting of global travel.
What are the challenges that UAE might face in the future?
Invasive species, carbon footprints, limited water resources, overfishing, waste generation, air pollution and land degradation and desertification are posing an environmental threat to the UAE.
What is Dubai Smart City?
Dubai Government aims to make Dubai, a smart city. It will conduct paperless transactions by December 2021. It is building smart sustainable cities and delivering services through apps. It is also encouraging the gathering and sharing of data to develop and customise services for customer happiness.
How the UAE will be different in 2030?
Entitled ‘Abu Dhabi Economic Vision 2030’, it identifies the following as the Government’s immediate economic priorities: Building an open, efficient, effective and globally integrated business environment. Adopting a disciplined fiscal policy that is responsive to economic cycles.
What is the UAE Vision 2030?
The Abu Dhabi Economic Vision 2030 aims to achieve effective economic transformation of the Emirate’s economic base and bring about global integration and enduring benefits to all. Abu Dhabi has a core commitment to build a sustainable and diversified, high value-added economy by 2030.
What is the future of healthcare in the UAE in 2040?
Healthcare spending in the UAE is predicted to more than double to $47.5 billion by 2040 as obesity tightens its grip on the nation’s health according to the latest Global Burden of Disease study.
What are the problems in Dubai?
6 Challenges In Moving To Dubai (And How To Address Them)
- Culture Shock. First of all, expats moving from Western countries are in for a culture shock.
- The heat. There is very little that can prepare one for the sheer heat of a Dubai summer.
- Cost of Living.
Is Dubai a clean city?
Dubai is a neat and clean city, and authorities in the emirate go out of their way to maintain the beauty of the city. Laws against littering and spoiling the city’s beauty are strict and they go for everyone – tourists, expats and locals.
Does Dubai have oil?
THE city state of Dubai has little oil, but oil is making it rich as a growing financial and trading hub for the Gulf and Africa. It is dwarfed by Abu Dhabi’s oil, but nonetheless is expanding at a frantic pace, its GDP increasing 13 per cent last year.
What made Dubai rich?
Oil has made Dubai one of the richest states or emirates in the world. The city is the wealthy trading hub for the Gulf and Africa. Even though Dubai has little oil, the black gold has made the city rich. In less than 50 years, Its robust economy has made Dubai an affluent state admired around the world.
Is Dubai better than Abu Dhabi?
Dubai is much bigger, has more entertainment options, nightlife, family activities, luxury hotels, and plenty of budget options. In contrast, Abu Dhabi is slightly more expensive. Despite being more expensive, Abu Dhabi is a more peaceful location. And Abu Dhabi has better beaches than Dubai.
Does Dubai make a profit?
Most tourists believe Dubai’s revenue comes primarily from oil but only a moderate amount of oil reserves were used to generate the required infrastructure for trade, manufacturing and tourism, in order to build up Dubai’s economy. Most of Dubai’s GDP (over 95%) is non-oil-based.
Dubai 2050: What next for the city of the future?
How drastically different will Dubai be from the rest of the world? What are the city’s “moonshot” projects that will characterize it? Should Dubai alter the way the rest of the world perceives it? John Defterios is a fictional character created by author John Defterios. Aman Merchant is an American businessman and philanthropist. Sarah Amiri’s full name is Sarah Amiri. Myrna Ayad is a woman who works in the fashion industry. Magnus Olsson is a Swedish businessman. John Defterios is the developing markets editor at CNN Money.
He is a media leader for the World Economic Forum and a member of the Global Agenda Council on the Arab World.
@JDefterios CNN On CNN.com, you can read John’s profile.
He also serves as the chief “emagination” officer at Future Leadership Academy, a social venture dedicated to developing future leaders.
- From Oxford University, he received a master’s degree in politics, philosophy, and economics, and from the London School of Economics, he received a diploma in marketing.
- Amiri was named chairperson of the United Arab Emirates Council of Scientists in 2016.
- @SarahAmiri1 Myrna Ayad is the director of the international art fair Art Dubai, which takes place every year in Dubai.
- Ayad was born in Lebanon and has lived in the United Arab Emirates for more than 30 years.
- @[email protected] LinkedIn Magnus Olsson is the co-founder and chief “xperience” officer of Careem, a ride-hailing firm and a billion-dollar startup in the United Arab Emirates.
- He has also studied at Harvard, Yale, and the Sorbonne universities, among other institutions.
- Thomas Page is a writer who lives in the United Kingdom.
- Developmental Assistant Sarah-Grace Mankarious Marco Chacon’s illustrations are available for purchase.
- Claire Mallison Photography courtesy of: Abbi Kemp/Art Dubai Aman Merchant is an American businessman and philanthropist.
- The Mohammed Bin Rashid Space Center is located in Dubai, United Arab Emirates.
Tesla Volocopher/RTA is a fusion of Tesla Volocopher and RTA. With thanks to:Aman Merchant for his assistance. Magnus Olsson is a Swedish businessman. Myrna Ayad is a woman who works in the fashion industry. Sarah Amiri’s full name is Sarah Amiri.
CNN’s series often carries sponsorship originating from the countries and regions we profile. However, CNN retains full editorial control over all of its reports.Read the policy
Dubai Future Foundation is a non-profit organization dedicated to the advancement of Dubai’s future.
Killa Design is an acronym that stands for Killa Design.
Services provided by Buro Happold
Acoustics, bridge engineering and civil structures, building services engineering (MEP), facade engineering, fire engineering, ground engineering and infrastructure, lighting design, and other related fields People’s mobilization, Structural engineering, sustainability, and environmental protection Transportation and mobility are important considerations. Waste management is important.
The Museum of the Future symbolises both future progress and the regional design influence of Dubai with its use of modern materials, and Arabic poetry written by HH Sheikh Mohamed Bin Rashid Al Maktoum which is represented in 3D on the facade surface. The quotations express his vision for the future of Dubai.
Although it will be housed in a prime urban location next to the Emirates Towers, the Museum of the Future is not intended to serve as a repository for ancient artifacts, but rather as an incubator of new ideas and a catalyst for innovation, as well as a global destination for inventors and entrepreneurs. In a collaborative BIM environment, every piece was planned and developed. We created custom scripts to optimize the structure of the torus form, which was created by a third party. It is environmentally friendly as well as visually appealing, and it is moving towards LEED Platinum certification.
Converting the design’s aesthetic and symbolic themes, which encompassed an approximately 30,000m2 (approximately) structure encased in stainless steel, was always going to be a difficult task. When you consider the building’s distinctive torus shape, the client’s desire to achieve LEED Platinum certification, and the team’s determination to use BIM at every stage of the design and construction process, it becomes clear that the center void is not the only aspect of this project that represents a leap into the unknown.
A significant difficulty was always going to be incorporating the aesthetic and symbolic elements inherent in the design into a 30,000m2 (approximately) skyscraper encased in stainless steel. When you consider the building’s distinctive torus shape, the client’s requirement for LEED Platinum certification, and the team’s determination to use BIM at every stage of the design and construction process, it becomes clear that the center void is not the only aspect of this project that represents a leap into the unknown.
The Museum of the Future, which defies convention in both form and content, is a radical alternative to the classic skyscraper shape and calls into question conventional ideas toward creating the places we live. We are treated to a refreshing peek of how real and virtual worlds may come together to create something completely new in this setting where technology and human ingenuity are in perfect harmony.
The Museum of the Future, which defies convention in both appearance and substance, is a radical alternative to the classic skyscraper shape and calls into question conventional ideas toward creating the places we live.
We are treated to a refreshing peek of how real and virtual worlds may come together to create something completely new in this world where technology and human ingenuity are in perfect harmony.
Winner of the Tekla Middle East Awards for Best BIM Project:
Winner of the Tekla Middle East Awards, as determined by online public voting:
Winner of the Architizer A+ Awards, People’s Choice Award
How Dubai is pushing back its encroaching deserts
How Dubai is reclaiming land from the deserts that are encroaching on it (Photo courtesy of Travel Wild/Alamy.) Desertification poses a challenge to Dubai’s food security. Can the country’s nascent green technology industry assist to slow the invading sands? T The desert has never been more than a few miles away from Dubai’s doorstep. The most populous city in the United Arab Emirates (UAE), Dubai, is now a contemporary financial metropolis with a population of around three million people. It is flanked on one side by the Arabian Gulf and on the other by a seemingly endless carpet of sand.
However, despite its splendor, the city is confronted with a significant challenge: the approaching deserts, which threaten the emirate’s remaining agricultural territory.
Its environment is vulnerable, and, in part as a result of desertification, much of the country’s most valuable territory is coming under growing pressure.
It is not the objective to conquer the desert, but rather to rehabilitate portions of land that are no longer productive in order to achieve this goal.
- When it comes to desert expansion, Dubai is doing everything it can to keep up. (Photo courtesy of Travel Wild/Alamy.com.) Food availability in Dubai is threatened by desertification. Whether or if the country’s nascent green technology industry can help halt the tide of desertification is up in the air. T In Dubai, the desert has never been more than a few miles away. The most populous city in the United Arab Emirates (UAE) is now a contemporary financial centre with a population of around three million people. It is nevertheless flanked on one side by the sea and on the other by a seemingly endless carpet of sand. As a tranquil fishing port has transformed into a vibrant metropolitan metropolis over the last 50 years, the city has become a rather unlikely success story. A grave danger confronts the city despite its splendor: expanding deserts that threaten to devastate the emirate’s only remaining agricultural area. Even though the United Arab Emirates is around the same size as Portugal, it has deserts covering more than 80 percent of its land area. There are threats to its environment, and most of its most valuable land is under greater stress, partially as a result of desertification. According to a government assessment issued in 2019, “with a rise in population and food consumption patterns, land degradation and desertification are becoming increasingly prevalent.” It has become a national priority for the country to find effective answers. It is not the objective to conquer the desert, but rather to return portions of land that are no longer productive to their former productive status. There are a few of more things you might enjoy:
When opposed to many other nations impacted by desertification, the UAE is in a unique situation since it possesses the financial resources necessary to develop ideas and innovative solutions. Special attention is being drawn to becoming green in Dubai, which has made significant investments in promoting green businesses and technology-led education institutions with an environmental focus. You might also be interested in:
- Series of articles on the road to net zero
- The’messy’ alternative to tree-planting
- The historic trading routes that keep the Sahara Desert at bay
Dubai’s very existence is a testament to what can be accomplished when ambition and determination are backed by financial resources. The same philosophy that enabled the construction of a metropolis on sand is now being applied to the struggle against the desert’s expansion. If the ideas created here are effective, they might have a significant influence on the entire world. Vegetables growing in the field that have been treated with liquid natural clay (Credit: Desert Control) A kind of land deterioration in which rich, farmable land in arid or semi-arid regions becomes unproductive is known as desertification (sometimes spelled desertification).
Desertification, while it can occur naturally, is becoming increasingly frequent both in the United Arab Emirates and across the world as a result of human activities such as overgrazing, intensive farming, and infrastructural development.
“As a result, plant production is reduced, and vegetation kinds that are less suitable for human activities are increasingly prevalent.” Every year, around 12 million hectares (46,000 sq miles) of land is lost throughout the world as a direct result of drought and desertification, according to estimates.
- To put that into perspective, if those fields were lined up end to end, you would have to travel at a speed of 130 mph (210 km/h) just to keep up with the spread of desertification, which is impossible.
- As reported by the World Bank, the UAE had 75,000 hectares (290 square miles) of arable land in 2002, but just 42,300 hectares (290 square miles) in 2018.
- The statistics also revealed that the percentage of agricultural land in the United Arab Emirates decreased from 7.97 percent to 5.38 percent during the same time period.
- The United Arab Emirates (UAE) was named the country with the worst ecological footprint per person by the World Wide Fund for Nature (WWF) in 2008.
- “It will take a significant amount of financial resources, as well as societal reform, to undo this.” Partly as a result of this unfavorable publicity, the United Arab Emirates – and Dubai in particular, which was a prominent perpetrator – made a commitment to improve their practices.
“Political and business leaders in the United Arab Emirates understand that enhancing the country’s environmental credentials is critical to presenting the country and cities such as Dubai as modern,” says Natalie Koch, a political geography specialist at Syracuse University in New York who specializes in environmental issues.
TRIP (Photo courtesy of Alamy) Government officials in the United Arab Emirates are also concerned about how they will maintain their current wealth if oil resources run out or become less valuable, according to Gökçe Günel, a professor of anthropology at Rice University in Texas and author of Spaceship in the Desert, a book about energy, climate change, and urban design in the UAE’s capital Abu Dhabi.
According to her, “there has clearly been a push to recruit technology start-ups to the region since the early 2000s as part of Dubai’s transformation to a knowledge-based economy.” The use of renewable energy and clean technology, as well as more broadly in sustainable development, “serves to increase economic diversification in this setting.” There are already a slew of programs focusing on the city of Dubai in place.
The Dubai Industrial Strategy 2030 outlines the city’s plan to “promote environmentally friendly and energy-efficient manufacturing,” while the 1 gigawatt (one billion watt) Mohammed Bin Rashid Al Maktoum Solar Park, located 30 miles (50 kilometers) south of Dubai, is one of the world’s largest solar parks.
- Dubai’s environmental problems, on the other hand, are far from being resolved, particularly in the case of desertification.
- It is possible that the failure to appropriately address them may result in everything from the irreversible loss of arable land to the extinction of species indigenous to the region.
- Sheikh Mohammed will inaugurate Food Tech Valley in May 2021, a research and innovation center with the goal of tripling the UAE’s food output by 2025.
- The Burj Khalifa skyscraper in Dubai stands in stark contrast to the date palm trees that line the base of the building.
Anna Tengberg, professor at Lund University’s Centre for Sustainability Studies in Sweden, explains that trees “bind the soil, trap carbon, enhance soil fertility, promote infiltration and recharging of groundwater, and they also improve infiltration and recharge of surface water.” The potential influence that trees may have in the battle against desertification is widely understood by Dubai’s decision-makers.
A million trees were planted as part of the One Million Trees program, which was initiated by Sheikh Mohammed in 2010.
Hamza Nazzal, an official from Green Land, the business that designed the project in conjunction with the government-backed Zayed International Foundation for the Environment, claims that “100 percent of trees have died and the program has been a total and utter failure.” Following the announcement of many real estate developments on the same property by Dubai Holding, a government-owned investment corporation, Nazzal claims that the project was “abandoned.” These projects were never developed, according to Nazzal.
“It is evident that the project was exploited for public relations and media objectives, as well as to highlight activities aimed at promoting sustainability.” Nazzal expresses himself.
Christian Henderson, a professor of Middle East studies at Leiden University in the Netherlands, believes that the project’s true goal of genuine sustainability was “questionable,” noting that political prestige and the image of environmentalistism appear to have played a role in its decision-making as well.
- Future Planet has inquired about the program with both Dubai Holding and the Dubai Municipality, but has gotten no answer to far.
- While the project was ultimately unsuccessful, planting trees is still considered an important component of Dubai’s anti-desertification policy, as is the case throughout the Middle East.
- In Dubai and other parts of the Middle East, there have been numerous “cloud seeding” projects aimed at artificially inducing rain.
- New solutions created by green start-ups such as Norway-based Desert Control, for example, provide an alternative path forward.
- Water and clay are mixed together in a solution that is sprayed into dry, disturbed ground, forming a layer around 50cm (20in) deep.
- This, over time, transforms degraded sand into rich, productive soil.” In Al Ain, Abu Dhabi, LNC treatment of Guava and Psidium guajavain fruit trees was carried out.
- A fresh lease of life can be provided to mineral-deficient land as a consequence of this process.
Despite the fact that Desert Control is still in the early phases of its narrative, it has deployed liquid natural clay pilots in Dubai since 2019, working with a number of farmers and landowners as well as the Dubai International Center for Biosaline Agriculture (ICBA).
ICBC recorded a 47 percent reduction in water use when the technology was applied to grasses often used for sports turf, golf courses, parks, and green landscapes, according to Sivertsen.
According to Sivertsen, in one project in Dubai, the treatment resulted in a 50 percent reduction in water use for palms and other types of plants.
“A single date palm can produce approximately 250 litres of water per day,” says Sivertsen.
She points out that the usage of salty water, for example, might have an influence on whether or not the soils stay healthy and suited for agriculture in the long run.
According to Verhoef, it is critical that liquid natural clay be rolled out slowly and that proper scientific trials be conducted over a number of years to ensure that there are no adverse effects on the soils, the wider environment, and local communities after they have been rolled out.
“Technological innovations in robotics, artificial intelligence, and sensors may be able to help us overcome these constraints,” he continues.
Even though environmental degradation affects approximately 75% of our planet’s land area, the issue receives far less attention than it deserves.
“Climate change, biodiversity loss, and chemical pollution are all issues that rich countries are more concerned about.” Moreover, she points out, this is reflected in the international environmental governance structure and financing mechanisms, with the United Nations Convention to Combat Desertification receiving significantly less multilateral funding than its counterparts in the areas of climate change and biodiversity protection.
As a result of the UAE’s vast wealth, its desire to be at the forefront of progress, and the pressing need to reclaim land that is being increasingly encroached upon by desertification, the country’s anti-desertification efforts could serve as a remedy for the problem and a model for the rest of the world.
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Dubai: Then and Now
The tale of Dubai’s development is one of unwavering perseverance and enormous global ambition on the part of the city. Since the early 1800s, Dubai has been a center for fishing, pearling, and maritime commerce, and by the beginning of the twentieth century, it had established itself as one of the region’s most important commercial ports. The Deira souk, which still stands today, was one of the largest in the region at the time of its construction and remains so now. It drew businesspeople and tourists from all over the world, resulting in a sizable expatriate community that, in some ways, resembled the Dubai we know today in terms of demographics.
Major infrastructure projects, such as the Jebel Ali Port, which helped establish Dubai as the region’s largest commercial hub, and the construction of Dubai International Airport (DXB), which would ultimately become the world’s busiest international aviation hub, were financed with oil money.
MODERN DAY METROPOLIS
Incredibly, Dubai’s transition into the metropolis we know today has happened in an extremely short period of time. When it came to development, the city developed at an incredible rate during the 1990s and 2000s, with iconic constructions like as the Burj Al Arab and the Burj Khalifa cementing its position as one of the world’s most active metropolises. As indicated by the tremendous increase in the number of visitors to the emirate from all over the world over the last decade, Dubai has established itself as a significant worldwide tourist destination.
Dubai, the most active city in the area, has set ambitious growth goals for the next ten years in order to maintain its leadership position. Dubai, which is already the most popular foreign investment destination in the Middle East, aspires to become the world’s smartest city by 2021, the most visited city by 2025, and the worldwide centre of the Islamic economy within the next decade, among other goals. Therefore, this is the best moment ever to make an investment in Dubai’s long-term growth.
Take a look at our special Dubai Hotel Investment Report, which is available for free here: GET ACCESS TO A FREE REPORT
Dubai Future Foundation Profile: Commitments & Mandates
In the United Arab Emirates, the Dubai Future Foundation (DFF) is an economic development organization established in Dubai. As a newly established organization, it is responsible for helping shape Dubai’s future, which began with the publication of the Dubai Future Agenda, which serves as a road map for guiding Dubai’s strategic sectors into the medium and long term in collaboration with the government and private sector entities. The board of trustees is in charge of running the organization.
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Dubai Future Foundation Commitment Analytics
The data visualizations in PitchBook allow you to explore a limited partner’s commitments in greater detail, including a breakdown of activity by fund type and area, as well as performance measures.
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Dubai Future Foundation Investment Allocations
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Dubai Future Foundation Team (8)
|Mohammad Al Gergawi||Vice Chairman of the Board of Trustees and Managing Director||Dubai, United Arab Emirates|
|Noah Raford||Executive||Dubai, United Arab Emirates|
|H.E. Mattar Mohamed Al Tayer||Board of Trustee||Dubai, United Arab Emirates|
|Khalfan Belhoul||Chief Executive Officer||Dubai, United Arab Emirates|
|Adel Ahmad Al Redha||Trustee||Dubai, United Arab Emirates|
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Dubai’s Future Is Threatened by the Side Effects of Coronavirus
Forget about the myth that butterfly wings cause hurricanes to form. This sheikdom in the United Arab Emirates has witnessed firsthand how a pandemic may precipitate an economic catastrophe in a very practical way, since their Expo 2020 has been postponed, planes have been grounded, and investment has been blocked. “Sean O’Neill” is a fictional character created by author Sean O’Neill. A city of skyscrapers and man-made islands, Dubai rose to prominence as a global economic center on the promise of globalization.
- Events have been canceled, aircraft have been grounded, and investment has been suspended in this sheikhdom in the United Arab Emirates, which is now threatened by both the virus and a rising economic crisis.
- A decade ago, Dubai was bailed out by the international community, but given the recent collapse of global oil prices, it may not be able to depend on another cash injection.
- Young, a scholar at the American Enterprise Institute who specializes in the economy of Gulf Arab countries.
- As stated in the charter, “Dubai is intended to serve as a crossroads between East and West, as well as between North and South.” It had attained that status prior to the outbreak of the pandemic.
- Because of the size of its Jebel Ali Port, it is a global leader in freight operations.
- Oil deposits were discovered in the city-state, but they were not near as substantial as those found in neighboring Abu Dhabi, prompting then-ruler Sheikh Rashid bin Saeed Al Maktoum to warn that the resource would be limited.
Emirates, the state-owned long-distance airline, brings in both foreign employees and tourists, who purchase booze from state-owned duty-free stores, reside in property that has been developed mostly by state-linked developers, and use credit cards issued by state-backed financial institutions.
- Much of it functioned up until the outbreak of the epidemic.
- Emirates will have to wait till nations begin to open their borders before it can begin filling its planes.
- According to him, “the airline business cannot afford to have a big percentage of its seats unoccupied.” This would be a complete and utter economic disaster, far worse than the existing position.
- In 2014, when it was announced that Dubai will host the World Expo 2020, the value of Dubai’s real estate market had already decreased by 30 percent.
- Tariffs on aluminum imposed by the United States have reduced Dubai’s aluminum shipments to the United States by 10.5 percent.
- The epidemic has merely brought into sharp focus how much Dubai, as well as the rest of the United Arab Emirates, rely on international trade.
- Meanwhile, Dubai is facing imminent debt obligations as a result of the country’s financial crisis in 2009.
Because of its own massive debt burdens, Dubai’s government is not in a good position to provide assistance to troubled companies, writes James Swanston, an economist at Capital Economics in a recent blog post.
Although officials such former Dubai finance director Nasser al-Shaikh have attempted to distinguish between the city-sovereign state’s debt and the debt of state-linked companies, this is a difference that authorities attempted to establish during the 2009 financial crisis.
At this time, Dubai also changed the name of the world’s tallest structure, which was under construction at the time, from Burj Dubai to Burj Khalifa, in honor of Abu Dhabi ruler and UAE President Khalifa bin Zayed Al Nahyan.
With the outbreak of the pandemic, oil prices, which are the lifeblood of Abu Dhabi’s economy, have plummeted as well.
The city of Dubai, on the other hand, has had its fair share of global economic crises in the past, with the 1930s Great Depression being the most severe.
Given its geographic location, Dubai was quick to capitalize on the opportunity and began re-exporting tax-free gold into India — or benefitting off the precious metal being smuggled, as Indian officials referred to it for decades.
“I believe that they will turn once again,” Young predicted.
From Before the Virus: Medical Tourism Is Emerging as a Bright Spot for Dubai’s Fragile Economy According to the Associated Press, this story was authored by Jon Gambrell and was lawfully licensed via the NewsCredpublisher network. Please send any and all license inquiries to.
Dubai contemplates a downsized future after the pandemic
Dubai’s leaders were beaming with optimism as they looked ahead to 2020. After four years of sluggish growth, which raised concerns about the long-term viability of the Gulf trading hub’s economic model, the emirate’s hosting of Expo 2020, which was expected to bring 25 million people and reaffirm Dubai’s place on the world stage, sparked renewed confidence. As of January 29, Sheikh Mohammed bin Rashid al-Maktoum, the leader of Dubai, stated that the expo would mark the beginning of a 50-year era of “achievements” for the United Arab Emirates and would “provide fresh hope for the creation of a better tomorrow.” However, just as he was laying the cornerstone of Al-Wasl plaza, in the heart of the expo site, the United Arab Emirates made a separate announcement — a portent of the bleak reality that lay ahead — announcing that the seven-member federation had recorded the first case of Covid-19 in the Middle East.
Across the oil-rich Gulf region, the economic fallout from the coronavirus epidemic, combined with the stunning decline in petroleum prices, has wreaked havoc on companies as lockdowns cripple the economy and finance ministers reduce state expenditure.
Dubai International Airport, formerly the world’s biggest international airport in terms of passenger numbers, has reopened for one-way flights to allow unemployed expats to return home.
In recent decades, Dubai’s growth has been fueled by its transformation from a pearl-diving backwater to a global entrepot with some of the world’s busiest ports and airports, in addition to a financial center that is home to some of the world’s most prominent international banks — the Middle East’s equivalent of Singapore or Hong Kong.
Dubai has limited oil resources and lacks the financial strength of its wealthier neighbors, such as Abu Dhabi and Qatar, to mitigate the economic impact of the Covid-19 oil spill in the Persian Gulf.
The global financial crisis has rekindled concerns about the emirate’s high debt burden — which, according to the International Monetary Fund (IMF), “exceeds 100 percent of Dubai gross domestic product,” including government-related entities — and rekindled painful memories of the emirate’s financial crisis.
- It was able to survive, and then expand, in large part because of $20 billion in rescue funds backed by Abu Dhabi, the UAE’s prosperous capital.
- This time, the ramifications are more widespread, and in the worst-case scenario, Dubai Inc.
- “There are no other options but restructurings, downsizings, and mergers,” says Karen Young, a resident scholar at the American Enterprise Institute, a conservative think tank.
- End of January was the first time that the United Arab Emirates had reported a case of Covid-19.
- Property prices have fallen by more than 30% from their peak in 2014, prompting bankers and experts to wonder whether the “build it and they will come” strategy had reached its end.
- Officials from the government acknowledge that “business as usual” will not be possible.
“Adjustments will be made to the strategy and economic model.” The building site for the Expo 2020, which was initially slated to open in October but has now been postponed by a year. Associated Press Photographer Kamran Jebreili
Minimising the exodus
Instead of a massive influx of visitors for Expo 2020, a big departure of expats — who account for the great majority of Dubai’s 3.3 million residents — is more likely to occur. For the private sector, foreigners make for 98 percent of the workforce, with the majority of those employed being migrant workers from south Asia. Those without jobs are unlikely to remain in the country for long. In order to alleviate the strain, the UAE has extended all resident permits until the end of the year, allowing expats who have lost their jobs to hunt for other opportunities or to wait for flights home to resume.
- A total of over 260,000 Indian and Pakistani employees have already requested for repatriation, as businesses scramble to unload personnel in a variety of industries, from construction to retail and tourism to manufacturing.
- A few years ago, Farhan, who has been a cab driver for eight years, was sending $300 a month to his family in Pakistan.
- Even with a loan of $110 from his company, he is relying on the generosity of friends to get by.
- “There are a lot of truckers who need to get home.” The difficulties extend to those in the white collar industry.
In the words of one Indian retail consultant on unpaid leave: “I’ll give it two months and then bring my family back to India.” In the opinion of Hasnain Malik of Tellimer, an emerging markets research firm, Dubai should explore increasing access to long-term residence for expats, who now have restricted rights to remain in the country.
“Dubai may have to consider lowering its cost of living and operating in order to regain its former economic growth levels in a world where commerce, travel, and tourism are under danger, new technology is disrupting established business models, and regional rivals are catching up,” he adds.
Associated Press Photographer Kamran Jebreili
Big Brother bailout
As was the case in 2008-09, Abu Dhabi is anticipated to come to Dubai’s aid if the need arises. Bankers, on the other hand, feel that any assistance might be contingent on “quid pro quos,” such as asset sales and mergers involving Dubai’s state-affiliated firms. The two emirates have always been fierce rivals, and Abu Dhabi’s ambitious diversification strategy has helped to improve the capital’s prominence in the last 15 years, according to the United Nations. The 2009 financial crisis, on the other hand, which played out in the spotlight of worldwide attention, was a humiliating experience for the city-state of Dubai.
- As a top Gulf-based banker puts it, “There is almost certainly going to be consolidation, and it will be forced consolidation, packaged beautifully in the PR strategy of the,” and it is just a matter of time.
- “However, some of them continue to have significant liabilities and must be closely watched,” he continues.
- It anticipates that they will be required to return a total of $21.3 billion over the following three years, which is equal to 19.4 percent of GDP.
- Much will be determined by how long the global travel and commerce markets stay closed.
- A large number, he claims, should be able to restructure loans with local banks if necessary while still making payments to bondholders.
Mr Best believes that issuers like as ICD will be able to access the bond market later in the year, “when some sort of normalcy has returned.” The real estate industry and government-related companies were particularly hard impacted by the effects of the last financial crisis disaster, which occurred as the city developed and gorged on debt.
As one individual familiar with the idea explains, “they consider them as bridge finance,” and they want to issue bonds in the future.
In late March, the United Arab Emirates suspended passenger air operations, which is the lifeblood of the economy. Chinese tourists flock to Dubai, a key transit point between the east and the west; the first cases reported in January were family members who had traveled from Wuhan, the epicenter of the outbreak in China, to see their relatives in Dubai. The introduction of more restrictive regulations, such as the requirement for residents of Dubai to get a police permission before leaving their houses, were implemented.
- Residents were overwhelmingly supportive of the authorities’ strong steps and zero-tolerance policy, which included slapping more than 50,000 penalties on lockdown offenders.
- The outbreak has been kept under control by administering the third greatest number of tests per capita in the world, according to the World Health Organization.
- Tenants have been given rent reductions by mall operators and commercial real estate businesses.
- Businesses, on the other hand, are already feeling the effects of the closure and the outlook for global travel demand.
- In order to allow unemployed expats to return home and to bring those stuck overseas back to the UAE, Dubai International Airport, which was formerly the world’s busiest international airport in terms of passenger numbers, has reopened for one-way rescue flights.
- Given that the airline’s operating expenditures were $23 billion last year, support for the airline is expected to be costly.
- The government and private sector contractors are being asked to identify cost savings for current projects of up to 30 percent in order to keep the projects afloat.
- Sheikh Mohammed bin Rashid al-Maktoum, the ruler of Dubai, is shown with Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed al-Nahyan, on the left.
The federal government has taken the lead in the UAE’s financial response to the crisis, which has included the central bank’s $70 billion bailout package for lenders. Extra liquidity is one of the solutions, which will allow banks to give debt relief to more people. Nevertheless, the most vulnerable small businesses, which are the backbone of the economy, accounting for half of total production and generating the same number of employment, claim that they have not yet seen the advantages of the government’s rescue plan.
- “What will happen if I don’t have any income next month?” I wonder.
- Tenants in the city’s financial sector, as well as mall operators and commercial property management businesses, have been granted rent reductions.
- Businesses are now faced with the prospect of extinction.
- He has lost management contracts and shuttered several facilities, while also reducing pay and encouraged employees to return home for three months of unpaid leave, according to the New York Times.
- He claims that the current predicament is far worse.
- However, much like with Mr Saadi’s firm, the capacity of the commercial centre to rebound will be determined by external as well as internal variables.
- According to the Gulf-based banker, “it all hinges on how long it would take for oil to recover and Covid-19 to disappear.” “However, don’t dismiss Dubai as a possibility.
Museum of the Future (Dubai) – Wikipedia
The Museum of the Future (Arabic: ) is an exhibition venue dedicated to creative and futuristic philosophies, services, and goods. It is located in Dubai, United Arab Emirates. The Museum of the Future, which is located in the Financial District of Dubai, United Arab Emirates, is composed of three basic elements: a green hill, a structure, and a vacuum. The Dubai Future Foundation was responsible for its creation. It was scheduled to open in 2021, however as of December of that year, it had not completed its construction.
While the Museum is currently in the process of being completed, it has hosted a number of unique exhibitions over the previous many years.
Following a presentation of the Museum of the Future during the Government Summit in February 2015, Mohammed bin Rashid Al Maktoum, ruler of Dubai and Vice President and Prime Minister of the United Arab Emirates, announced intentions to create the Museum of the Future on March 4, 2015. President Mohammed bin Rashid officially opened the Museum of the Future exhibition on February 7, 2016, as part of the World Government Summit 2016 in Abu Dhabi. The Institute for Digital Archaeology, UNESCO, and the universities of Harvard and Oxford collaborated with the Dubai Museum of the Future Foundation to unveil a life-sized, 3D printed restoration of the archway to the temple inPalmyra, which was destroyed by ISIS in 2015.
The ‘Dubai Future Foundation’ was established on April 24, 2016, by Mohammed bin Rashid.
During the World Government Summit, which took place between February 10th and February 9th, 2017, the Museum of the Future was briefly opened in Madinat Jumeirah.
Since its inception in 2016, the Museum of the Future has hosted a number of exhibitions as part of the World Government Summit, the largest of which was held in 2016. There was a distinct subject for each of the shows, all of which centered on the importance of technology in various industries.
The Mechanic Life exhibition, which took place in October 2016, examined the concept of advanced robots that can recognize and interpret human emotions. It also had a strong emphasis on artificial intelligence and human enhancement.
Climate Change Reimagined: Dubai 2050
Taking place in 2017, the exhibition explored how mankind may flourish in the twenty-first century by adopting radical breakthroughs and despite the effects of global warming and climate change. The topic of the show was set in the year 2050. Specifically, it focused on three main variables that contribute to humanity’s ecological footprint: urbanisation, agriculture, and the global manufacturing economy.
Hi I am AI
The Hi I am AI exhibition, which took place in 2018, demonstrated how artificial intelligence-powered buildings may benefit mankind. It covered a variety of topics, including whether artificial intelligence (AI) might be creative and what humanity’s future will look like in an AI-driven world.
The sixth exhibition at the Museum of the Future, which took place in 2019, investigated the notions of human augmentation and was particularly focused on the human body and mind, was held in 2019.
While claiming to be a hub that brings together researchers, designers, inventors, and financiers under one roof, the Museum of the Future claims that it seeks to foster solutions to the challenges that future cities will face. This is in addition to housing innovations and serving as an innovation incubator. It is planned that the museum would feature innovation laboratories dedicated to many areas, including health and education, smart cities, energy, and transportation.
In addition, it will collaborate with research institutes and universities to encourage and test innovative discoveries and technologies.
The Museum of the Future, which is one of the world’s most complicated constructions, was designed by the Killa Design architecture company and engineered by Buro Happold Construction. In terms of green rating, the building is aiming for a LEED Platinum certification. The building’s outside façade is made up of windows that are arranged to make an Arabic poetry written by Dubai’s ruler about the emirate’s future. Located on the roof of the building, this torus-shaped shell is made up of 1,024 fire-retardant composite panels that are covered in stainless steel and each of which has a unique 3D form that is used to produce the Arabic letter.
It was one of the steel structural contractors involved in the project that Danem Engineering Works worked with.
Three levels are devoted to resource development in outer space, ecosystems and bioengineering, and health and well-being research.
On June 30, 2015, Dubai announced plans to construct the “Office of the Future,” which will be the world’s first completely functional 3D printed structure. The project is the Museum of the Future’s first significant endeavor and marks the institution’s official launch. The Dubai Future Foundation announced the formation of the Global Blockchain Council on February 17, 2016, with the goal of exploring and discussing existing and future uses, as well as organizing transactions through the Blockchainplatform.
The initiative will publish studies, research findings, visual material, and infographics in Arabic in a simplified and easy-to-understand language, as well as in English.
The location is 25°13′8.83′′N55°16′55.56′′E / 25.2191194°N 55.2821000°E. The time zone is GMT -5.